Wednesday, February 25, 2009

First Time Home Buyers To Get Tax Credits

The Treasury Department is, today, releasing details of a plan to help first time home buyers get into a house by offering tax credits of up to $8,000.

"The expansion of the first-time home buyer tax break as part of the president's recovery agenda gives money to taxpayers when they need it most, while also targeting an important group of buyers," said Treasury Secretary Tim Geithner.

"We view our economic recovery plan, our financial stability plan and now this homeowner affordability plan as three legs of the same stool – an integrated whole that represents our immediate response to the current crisis. We remain committed to swift, efficient and effective implementation of all of these components."

The announcement comes on the heels of the first Recovery Plan Implementation meeting led by Vice President Joe Biden at the White House this morning. Biden is overseeing the administration's implementation of the Recovery Act's provisions.

You can apply for the credit by going to the IRS website and fill out a revised version of Form 5405. Qualifying taxpayers who buy a home this year before December 1 can claim up to $8,000, or $4,000 for married individuals filing separately, on either their 2008 or 2009 tax returns. Unlike the prior first-time homebuyer credit, this is money individuals do not need to pay back.

We talk about these issues and more weekdays at 5 PM New York time on News Talk Online on Paltalk.com

1 comment:

Baloo_Bear said...

Dear Gary:
In our talk and conversation about paying for the debt. I spoke of the limits of the constitution. After just having re-read it again there is NO jurisdiction in it for the government to support or define support for failed business. The Constitution expressly states Amendment 10 - Powers of the States and People. Ratified 12/15/1791. Note

The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or to the people.

Note very carefully to the States and THE People. No where is there an amendment or decree that they have and right to intervene in busses period. To follow up I have gone to the quotes of our founding fathers to support this claim. T. Jefferson a wise and frugal government, which shall leave men free to regulate their own pursuits of industry and improvement, and shall not take from the mouth of labor the bread it, has earned - this is the sum of good government. Let your Discourse with Men of Business be Short and Comprehensive G Washington and lastly T. Jefferson one last time I hope we shall crush in its birth the aristocracy of our moneyed corporations which dare already to challenge our government to a trial by strength, and bid defiance to the laws of our country.
This was and is the message sent to us from the founding fathers let us not forget it and abide by it always. Bill