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American Housing Rescue and Foreclosure Prevention Act of 2008
On July 26, 2008, Congress passed the American Housing Rescue and
Foreclosure Prevention Act of 2008. President Bush signed the measure
into law on July 30.
The legislation, H.R. 3221, the American Housing Rescue and
Foreclosure Prevention Act, would help stem the tide of foreclosures,
stabilize local housing markets and provide incentives for first-time
homebuyers.
Below are some of the main tax provisions included in H.R. 3221:
First-time homebuyer tax credit to assist in making a down
payment on a home. This would provide individuals and families with a
refundable credit (equivalent to an interest-free loan) of ten percent
of the purchase price of their home (up to $7,500). Taxpayers would be
required to repay any amount received under this provision to the
government over 15 years in equal installments. The credit is phased
out for taxpayers with adjusted gross income in excess of $75,000
($150,000 in the case of a joint return).
Additional standard deduction for real property taxes to
help homeowners who claim the standard deduction by allowing them to
claim an additional standard deduction of up to $500 ($1,000 for joint
filers) for State and local real property taxes. This provision applies
for tax year 2008.
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Economic Stimulus Package Information
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Starting in May, taxpayers will start receiving checks under the
economic stimulus package. To receive a payment, the taxpayer must
have a valid social security number, $3,000 of income, and file a 2007
federal tax return. There are also guidlines on the maximum amount of
income that can be earned in order to a receive a payment. To receive
more information to see if you qualify, visit the link to the IRS
webpage which gives information on payment qualifications, a payment
calculator, and a payment schedule.
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Before they leave for college
| The AICPA advises talking to your children about money before they leave to college. Read about what CPA's believe you should be talking about with your kids before they go off to school.
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