$7,500 Tax Credit for 1st Time Home Buyers
There is a new act that has just passed that is giving new home buyers a $7,500 tax credit this year in an attempt to help out the US housing situation. However, this act is not all it’s cracked up to be. The tax credit needs to be paid back over the next 15 years or when you sell your house. That fact doesn’t seem to be as highly advertised.
The tax credit was created in order to ease the pain of homeowners, but this interest free loan from the government may just cause more people who can’t really afford homes to go out and buy them. It looks like this act is not all it’s cracked up to be from my perspective.