False Advertisement?
Dec 19th, 2009 by David Anderson
The 15K homebuyer’s tax credit may not be as good as advertised unless you make between 80 and 100K. There are limitations on the credit.
After spending a great deal of time reviewing the proposed $15,000 Homebuyer Tax Credit I have reached the conclusion that it is NOT really a $15,000 credit for an average citizen.
First, I’ll give you some of the details. The proposed legislation would offer a credit of up to 10% of a primary residence purchase price, up to $15,000. The credit would be applicable for home purchases made from the date of enactment to one year thereafter and would sunset the current $7,500 refundable tax credit for first-time homebuyers on the date of enactment. The credit could also be claimed on 2008 taxes.
The drawback of this legislation is the limitation based on amount of tax liability in a given year, something that did not exist in the original first-time homebuyer credit
