First Time Homebuyers Get Encouragement

211390 Resource 178435 178982 1 1219116925078 1251389165654 Controlled Another Housing Tax Tidbit

The recently passed Housing and Economic Recovery Act provides some temporary relief for property tax for some homeowners

The Housing and Economic Recovery Act, which became law at the end of July, provides many changes for homeowners and would-be homeowners. One small item is that homeowners who do not itemize their deductions will be able to deduct $500 in addition to their standard deduction in acknowledgment of the state property taxes that they pay and which would be deductible if they itemized. The additional deduction is $1000 for married couples filing jointly. Homeowners who can take advantage of this provision of the Housing Act are likely to be people who do not have mortgages – otherwise their mortgage interest payments would put them outside the category of the standard deduction. This provision would also give an additional bonus to people who purchase so late in the year that their mortgage interest payments do not reach the level where they exceed the standard deduction available. That is, in addition to the much-touted <a title="Details" href="item/210150" target="_blank">$7500 so-called tax credit</a>, which is a major feature of the law.  This provision applies only to 2008 tax returns (filed in 2009). To purchase your Flagstaff home in 2008, and tax full advantage of these tax credit provisions, contact <a title="Flagstaff real estate agents" href="http://bestaflagstaffhomes.com/" target="_blank">Team Heitland at RE/MAX Peak Properties</a>!   9 application/xml false first-time homebuyers Flagstaff homes Housing and Economic Recovery Act property taxes real estate analysis First Time Homebuyers Get Encouragement Details on New Law?s Tax Credit for First-Time Home Buyers http://blog.bestflagstaffhomes.com/public/item/210150 Unintended Consequence of Economic and Housing Recovery Act? Elimination of some downpayment assistance programs http://blog.bestflagstaffhomes.com/public/item/210440 Mozilla/4.0 (compatible; MSIE 8.0; Windows NT 5.1; Trident/4.0; .NET CLR 1.0.3705; .NET CLR 1.1.4322; Media Center PC 4.0; .NET CLR 2.0.50727; Zune 3.0; .NET CLR 3.0.4506.2152; .NET CLR 3.5.30729) 127.0.0.1 127.0.0.1 $Admin 67.172.146.66 false true false false true 178975 false false true false false false true 178435 blog blogsite/BestFlagstaffHomes/web