Buyer Credit Is Real Money!

The new stimulus bill signed by the President July 30, 2008 truly places $3,750 - $7,500 of “real money” into the pocket of today’s homebuyer(s)! (Please realize that this information is based on data available August 18, 2008.)

Got to give “them” an “at-a-boy” again. Utilizing a relative short period of time Congress and the President have combined to help housing. HR3221, adopted, approved, signed, and implemented will, upon filling your tax return due April 15, 2009, give the “tax payer-homeowner” a real dollar for dollar tax credit, (into your pocket).

For a quick look a frequently asked questions click here

Using the National Association of REALTORS® as a source for this example, a quick summation of this new law, which will expire if not used shortly, would be if the “tax payer” owes the IRS $8,000 for income taxes for calendar year 2008, the “tax payer” would only be required to pay $500 on April 15, 2009, or before. The $7,500 not paid in income tax stays with the “tax payer.” Now this is not free money, but it is at least interest free. Starting on April 15, 2010 the “tax payer” would pay 1/15^th of $7,500 “extra” to begin the return of the “tax credit” for home purchase, to the IRS.

That my friend is something that will help during this short-term housing crunch. Comments or just want more details… info@realestatephd.com