Hate It !!! House Votes To Expand Homebuyer Tax Credit

November 7, 2009

Residential and General

Ok, so finally investors get a break and are able to benefit from the Home Buyer Tax Credit.  But once again, there’s a problem – the tax credit gets phased out for those who earn over $125,000/yr.    Why is it that those who fund the bailouts and these tax credits don’t get to benefit from them?  It’s the not lower income First time home buyer tax creditcitizens that pay huge amounts in taxes – they pay almost nothing.  It’s the high earners that pay for all the tax credits and bailouts.

“Buyers who have owned their current homes at least five years would be eligible for home buyer tax credits of up to $6,500. First-time homebuyers — or anyone who hasn’t owned a home in the last three years — would still get up to $8,000. To qualify, buyers in both groups have to sign a purchase agreement by April 30, 2010, and close by June 30.

The home buyer tax credit is available for the purchase of principal homes costing $800,000 or less, meaning vacation homes are ineligible. The credit would be phased out for individuals with annual incomes above $125,000 and for joint filers with incomes above $225,000.” Read more…

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