New Homebuyer Tax Break Approved Today! – read update at end of article

T he Senate just ok’d a new tax break of up to $15,000 to homebuyers in hopes of stimulating the real estate sector of our economy. This proposal will allow a tax credit of 10% of the value of a home, up to $15,000, for both new and existing residences. Currently the only tax break available was one up to $7,500 and only for first time homebuyers. Good news I’d say for both those shopping for a new home, and those hoping to sell! This proposed plan can still be changed, or even removed from the stimulus plan over the next week as it makes it’s way through congress, hopefully though that won’t happen and we’ll get a nice shot in the homebuyer arm.

UPDATE 02/12 In the latest version, which looks like the one that will make it through, the $15,000 is cut down to $8,000 and will only be for first time homebuyers. Still, a great credit for those buying homes, and can put some serious money in a buyers pockets over a few years time as it will be allowed to be spread over a few years if your income tax is less than $8,000.