I sat down last night and went over some of the newly signed stimulus bill to see how it may effect those who are part of the real estate industry. Here is the one thing you NEED to know.
There’s a $8,000 tax credit for first-time home buyers only who buy between Jan. 1 and Dec. 1, 2009 — this credit doesn’t have to be paid back, unlike the $7,500 perk available in 2008. The home-buyer credit starts to phase out for taxpayers with adjusted gross income above $75,000 for single filers and $150,000 for joint filers.
NOTE: Originally in the bill was a $15,000 tax credit for all home purchases made in 2009. This item was cut at the very last second just hours before the bill passed in the House and Senate.
A Couple of Additional Benefits That Are Worth Knowing About:
- Those taxpayers eligible for the “make work pay” credit — up to $400 for single workers and $800 for couples
- Unemployed people will find their first $2,400 of benefits is untaxed, and they may qualify for reduced health-insurance premiums through their former employer’s group plan, or Cobra.
- Above-the-line deduction for sales tax paid to buy a new car in 2009. You can only deduct the tax on the purchase price up to $49,500
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February 18, 2009 at 10:29 am
[...] Blog of Geese added an interesting post today on Quick Read: Stimulus Bill’s Effects On The Housing MarketHere’s a small readingI sat down last night and went over some of the newly signed stimulus bill to see how it may effect those who are part of the real estate industry. Here is the one thing you NEED to know…. [...]