The current $789B stimulus billis expected to be passed today by Congress and be on President Obama's desk to sign into law this weekend.
Here are some of the details regarding the tax credit that have been released so far - The tax credit has been scaled down to $8,000 from $15,000, or 10% of the value of the home for any first time homebuyers who purchase homes from the start of the year until the end of November. It is expected that this will immediately REPLACE the current $7500 tax credit that is set to expire June 30. One favorable benefit to the NEW tax credit is that it will not need to be repaid unless the buyer sells the home within three years. It starts phasing out for couples with incomes above $150,000 and single filers with incomes above $75,000. Buyers will have to repay the credit if they sell their homes within three years. More details are to come, and I will be sharing with you the impact of the stimulus plan once I have a chance to go through the final version after it is signed into law.
Janna Rankin Scharf, AB, GRI, CSP, CNS, CLHMS, provides a superior level of real estate services to home buyers and sellers in Coeur d'Alene and Kootenai County, Idaho. Visit www.JannaScharf.comto search for homes in the Coeur d'Alene MLS for anywhere in spectacular North Idaho.
Janna Rankin Scharf, 208.651.9700 NorthIdahoJanna@gmail.com
Janna Rankin Scharf provides a superior level of real estate services to home buyers and sellers in Coeur d'Alene and Kootenai County, Idaho. Visit www.JannaScharf.com to search for homes in the Coeur d'Alene MLS for anywhere in spectacular North Idaho.
No matter how grand or modest your real estate dreams may be, you can turn to me in confidence. Give me a call today and let me know what I can do to be of service to you!
Janna Rankin Scharf AB, GRI, CSP, CNS, CLHMS 208.651.9700
Hi Janna! Thanks for sharing with us and I do hope it passes-I wish it had stayed at the $15K though!!
Happy Valentines Day, Debe! Love your pulsating heart, one of these days I will have to figure out how to do neat tricks like you do! We were ALL disapointed the $15,000 didn't make it through. I honestly don't think there is a single thing in that stimulus package that would have done a better job of actually stimulating the economy to start cranking again....
Janna - very nice short, and succinct explanation of the stimulus - for the moment, huh? Happy Valentine's Day. ;-)
My son bought his house the end of October, he misses out on the $8000. He did get his $7500, and he is happy about it, even if he has to pay it back.