$15,000 tax credit for new home buyers?
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I admit it, much of what Congress does bugs the crap out of me.
But I’m kinda liking the latest suggestion by Georgia Senator Johnny Isakson: he’s proposing a $15,000 tax credit for buyers who purchase a home (to live in, no investors please) between March 2008-February 2009.
Out of all the over-reaching and ridiculous proposals by many of the guys and gals in Congress this one probably bugs me the least.
Any time someone says “tax credit” or “tax cut” I sit up and take notice.
Although I do love the line in the article that reads:
“Isakson said he did not know how much the proposal would cost the goverment in lost revenue.”
Hey, I know, here’s a really unique idea, cut out all the stupid “bridge to nowhere” projects and you won’t have to worry about lost revenue!!
I would also like to add here that most reporters don’t inject a line into the article, in which they worry about lost revenue, when the proposal looks more like a big fat hand out than when it looks like a tax credit or cut.
Whether we end up with an additional tax credit or not, for buying a home, remember that you can STILL deduct your mortgage interest AND you can still deduct your Private Mortgage Insurance AND you can deduct what you paid in property taxes AND you may be able to deduct any moving expenses if you moved a certain distance for a new job. (For details consult your accountant because remember I’m not an accountant. I don’t even play one on TV!)
I am a Realtor however, so if you’d like to buy or sell your home email me at beth@bethskinner.com or call me at 303.887.1883.
Beth Skinner is a real estate professional who actually returns phone calls and emails! Click here to search the MLS for your dream home.
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