Buying A House? Don't Do It For The Tax Breaks
Thanks to recent tax law changes, tax breaks may be a less significant factor for homeowners. Here are eight home ownership-related changes in the tax law that may affect your tax bill.
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Existing Home Sales Rebound In August
Interesting reading from CNN this morning that indicates that the housing market might be steadying: Existing home sales rebound in August – Sep. 23, 2010. This is clearly impossible. I mean, I’ve been reading propaganda from the National Association of Realtors articles for months now that absolutely, positively indicated that without additional housing tax credits…
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Housing Credit Bill Survives Debate (Psst, I Still Don’t Like It)
As of this evening (Monday), it seems that the Senate version of the housing bill will make it intact to the vote tomorrow. And you know that I’m not a fan. I promised that I’d explain why I think it’s a bad idea. It’s taken a few extra days (yes, a plague of biblical proportions…
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Congratulations! YOU Saved Fannie Mae/Freddie Mac!
The federal takeover of the Fannie Mae and Freddie Mac – some call it the “nationalization” of the mortgage industry – is finally happening. Congrats to you, John and Suzy Taxpayer! You did it! Oh yeah, it couldn’t have happened without your tax dollars. The takeover comes at a cost of $200 billion (with a…
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Congress Still Trying To Clean Up Housing Mess On Taxpayers’ Dime
The Senate voted overwhelmingly (76-10) to advance a mortgage rescue plan to save hundreds of thousands of homeowners from foreclosure. The plan focuses on a $300 billion FHA program to allow homeowners who are currently considered too risky to qualify for government-backed loans to refinance into safer, more affordable mortgages. The number of “yes” votes…
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Sentiments Mixed On Housing Tax Bill
The House of Representatives Ways and Means Committee approved a bill that would offer tax breaks to first-time home buyers. The proposal would allow first-time home buyers, within income limits, a refundable tax credit of up to $7,500 that would have to be repaid to the government over a period of fifteen years. The tax…
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How Much Is Your House Worth?
And why does it matter on a tax blog? Consider this. You buy a house in the midst of a housing boom. Prices go up, up, up. Subprime mortgage mess hits. Other credit woes ensue. Housing market drops. As in plummets. And suddenly, your house isn’t worth as much as you thought. Sound familiar? It…
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McMansions = Tax Headache?
I have made no secret that I am not a fan of the McMansion. I have yet to figure out why many Americans feel the need to have enormous homes on tiny lots in the middle of nowhere. Even more confusing are the prices that folks are willing to pay. A friend of ours purchased…