Housing Stimulus Plan
Earlier this year I blogged about an economic stimulus package called the American Recovery Reinvestment Act (ARRA) of 2009. One aspect of this stimulus package is that it has allowed qualified, first time home buyers and/or qualified home buyers (who have not owned a home in 3+ years) to receive up to an $8,000 tax credit. New home buyers must purchase a home between February 1, 2009 and November 30, 2009. REALTORS, brokers, homeowners alike feel that this legislation has helped move housing inventory and has helped stabilize pricing. In turn, many believe it has reinvigorated slow real...
Read MoreTemporary Tax Breaks
In early 2009 Congress passed a Temporary Economic Recovery & Reinvestment Act of 2009. This nearly $800 billion stimulus package offers wonderful temporary tax incentives. Many of the incentives that are presently set to expire at the year of the year include the following credits/deductions/incentives: The First-Time Homebuyers Tax Credit: First time home buyers (taxpayers) are eligible for (up to) $8,000 in tax credits when they purchase a new home between January 1, 2009 and November 30, 2009. The home buyers can file an amendment to their 2008 tax return (as an effort to receive...
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