***Update 2/12*** Looks like this won’t pass afterall. We should have known it was too good to be true! I am reading now that the Stimulus Package is going through without this piece in it.
A $15,000 tax credit for anybody buying a home over the next year was dropped; instead, first-time homebuyers could claim an $8,000 credit for homes bought by the end of August.
Wow, if this won’t move the real estate market, I don’t know what will. I am so hopeful for this legislation to pass! I’m sure more details will come soon about if/how/when it will be repaid and how to get it. I am very happy that they are considering opening it up to all buyers rather than just first-time buyers.
Senate legislators unanimously approved a proposal Wednesday that would allow a tax credit for home buyers of 10 percent of the value of new or existing residences, up to a $15,000 limit. Current law provides for a $7,500 tax break but only for first-time homebuyers.
What would you do with your $15,000? Some people say they would apply it to the mortgage principal, I think I would use it to pay off higher interest rates loans like credit cards. Would you go on a shopping spree or take a vacation? Use it for furniture and appliances in your new home?
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