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Home Buyers Tax Credit To Include Existing Home Owners » fliprent
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  • Home Buyers Tax Credit To Include Existing Home Owners

29th October 2009

Home Buyers Tax Credit To Include Existing Home Owners

posted in Financing, Home Buying, economy |

The battle to extend the First Time Home Buyers tax credit has taken an even better twist.  Senate Democrats are not only in favor of extending the original credit but are also seeking to include existing home owners as well.  This is very good news for those that have not already taken advantage of the credit but even better for those that did not qualify under the previous plan.  The new proposal is to include a $6500 tax credit to existing home owners if they have lived in their current home for at least 5 years.  The buyers must make under $125,000/year single and $250,000/year married filing jointly.  According to a Senator Harry Reid aide Regan Lachapelle, the new proposal still faces some resistance from Republicans.  More information to come.

This entry was posted on Thursday, October 29th, 2009 at 7:33 am and is filed under Financing, Home Buying, economy. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

There are currently 2 responses to “Home Buyers Tax Credit To Include Existing Home Owners”

Why not let us know what you think by adding your own comment! Your opinion is as valid as anyone elses, so come on... let us know what you think.

  1. 1 On October 29th, 2009, jp moses | REI Tips said:

    My opinion: This whole tax credit is a band aid. It’ll make us all feel better in the short term (it’s definitely working…which is why they’re looking at extending it and beefing it up) but in the long term our kids are going to wonder why we were stupid enough to harness them with the bill. It’s not free money. Sure, as investors, we should exploit it to the fullest in our deals…that’s what an entrepreneur does…but philosophically I think it’s a bad move for the greater good.

    …jp

  2. 2 On October 29th, 2009, fliprent said:

    JP I dont disagree with you but at the same time I dont think we have a choice. There was no way around creating a bigger deficit. If we had not our children may not even be able to go to college because no one could afford it. However it will be interesting to see how the fed and administration will unwind once the economy really starts to recover without the crutches…

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