So I woke up this morning and it was almost October already!! It has been a while since you have heard from me last and there has been lots of things happening in the world and more specifically our naitonal economy.
Hopefully by now most of you have gotten your rebate checks in the mail and have all gone out and bought new IPods!.... or if you were like me you put in your bank account, even better! Apparently all the stimulus checks in the world couldn't save our nation's banks from going under. Now what about the $7500 the government is giving to homebuyers?
This is the main reason I wanted to make some short remarks today. A few months ago the federal government passed into law a plan that would supposedly reward home buyers for buying homes, AWESOME!! WAIT A SECOND...... whenever free money and government are mentioned in the same sentence make sure and get the details before you jump to any conclusions. The program in essence is a sort of loan program for first time home buyers. If you bought your first home between April 2008 and June 2009, then you are eligible to receive a $7500 credit on your next year's income tax return. But, if you make more than $95,000 as an individual or $170,000 with your spouse then won't qualify. Now lets say that you meet all of these requirements and you do claim the full $7500 credit. You will then notice that each year after that on your income tax return there will be a debit (charge) of about $50 until the $7500 is paid back.
So in conclusion, is the $7500 program good or bad? You be the judge. But its not as though you will get a check for $7500 upon the closing of your new home.
