A Tax Credit of Up to $15,000 For Homebuyers?

by Dual Income No Kids on February 10, 2009 · 0 comments

Hi All,

There’s a lot going on these days. However, here is some potential legislation that could have a big impact on your bottom line. If you are planning on buying a house in the near future you might be interested in hearing that congress is cooking up a $15,000 dollar tax credit for home buyers. This is a credit, which means that it would be a dollar for dollar reduction in your federal tax liability.

Basically the impact of this legislation would be to wipe out income taxes for one year for most people who buy houses. Since many peoples state income tax is pegged to their federal income tax, the thinking is this could push a lot of fence sitters into the market.

Click here for the Wall Street Journal Story.

Best,

James

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