I have been doing a lot of reading on-line today about the housing credit that has been approved to be included in President Obama's proposed stimulus package. Below are the articles that I gained the most information from. If you are a 1st time home buyer you need to read this information. You are the most affected by this legislation. Especially those of you that have made a purchase decision based on the current tax incentive plan. I am not a CPA but I do understand the difference. Here are some comments I have made on other blogs followed by the on-line articles I learned the most from-
http://isakson.senate.gov/Amdt_106.pdf
**New $15000 Tax Credit on Home Buyer Stimulus Package!!
Correct me if I am wrong but if I don't owe $15,000 in tax I will not realize that credit. If I owe $7,500 in tax in the two consecutive years I could in sense take $7,500 credit one year and then $7,500 the next to utilize the full $15,000.
If your tax liability is $5,000 in 2009 and $5,000 in 2010 you will have received $10,000 over a 2 year period. Now that isn't bad but it isn't what people are going to be thinking.
Am I totally off base on how I have interpreted the bill?
| 02/07/2009 01:22 PM | by Jo Soss :: Local Expert :: Kitsap County Real Estate (Skyline Properties, Inc. 360-990-1433) | Edit | Delete |
I agree with the "either/or" offer. This is a huge difference for many 1st time buyers. Some have made decisions based on the old bill - just does not seem right to change it in mid stream! I am off to draft a letter to send - I vote - either/or!
| 02/07/2009 04:42 PM | by Jo Soss :: Local Expert :: Kitsap County Real Estate (Skyline Properties, Inc. 360-990-1433) | Edit | Delet |
I have sent an email to my State Senator and my Congressman. I feel that this new bill should not "Sunrise" the first bill. Please check the facts before you make a home buying decision based on this tax credit.
Senate’s Tax Credit Favors Higher-Income Homebuyers (Update1)
Obama Urges Action On Stimulus As Senate Vote Nears
More Details on $15,000 Tax Credit - It Does Not Have to be Repaid
Author:Jo Soss
Jo Soss is the designated Broker and the owner of Homefront Realty in Bremerton Washington. Selling real estate in the greater Puget Sound area since 1994 she has vast knowledge in all aspects of a real estate transaction. Using today's technology with her signature personal service allows her to achieve complete customer satisfaction.
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