Housing Tax Credits

[Scout333]

Hello Guys and Gals,

Just a heads up for those of us in the market for a new house. There is a bill in the works which may provide $ 15,000 of tax credits over a three year period. It is tentatively written to apply to purchases of residences out of foreclosure beginning 3-1-2008. Not law yet but may be worth holding off for a few days if you are buying a house. See link below for more detail.


http://www.timesfreepress.com/news/2008/jan/30/isakson-proposes-home-buyer-incentives/?breakingnews

Link doesn't seem to be working. Search under "housing tax credits" & news to find.

[Scout333]

More detail with this link.

http://www.cbs46.com/news/15177008/detail.html

[Texarkandy]

".... a bill that would offer tax credits to buyers of new or distressed homes...."

Sure would like to sell my house this year or next, but I guess that it won't qualify for this $15,000 subsidization program because it's not "new or distressed" & I've always made my payments on time. Maybe I should miss a few payments when I'm ready to sell? :)

Now let's see - what was it the article says the good Senator Isakson did before being elected to office?

& he wants to subsidize "new" homes too? Who's that helping?

[Scout333]

Tex, As I understand the program, its for "buyers" not sellers. Anyhow, its only a proposed tax credit bill at this point.

[Texarkandy]

I'm aware it's for "buyers" - but as a seller I reap a benefit if buyers are getting a 15K subsidization to buy my house. That's why I indicated by use of the word "it" that the house is what is getting the 15K subsidization - not me directly. The real estate developers are well aware of this & that's why it applies to new construction. This puts my "used" house at a disadvantage in the marketplace.