Buy a Vacant Foreclosure, Get a $7000.00 Tax credit

[tomtarrant]

The new Housing Aid bill thats in the Senate right now includes a $7000 tax credit for buying a vacant forclosure. This would be killer if you are flipping HUDs, you could net around 21k and not have to pay any capital gains tax. This is just a small part of the huge bill that provides relief in many areas. I heard that the Republicans actually wanted to have it at 15k but the Dems shot that down. Lets hope this passes.

Tom Tarrant
www.tomtarrant.com

[hometowngrl53]

This sound like a great deal for flippers could you please send us the link in which all of us can see and read on how to maybe benfit form this

[Lady Flipper]

I have been following that too, I too hope it passes. Would be great. I am so focussed on it, I am holding my breath and may do another project sooner than planned.

[tomtarrant]

Originally Posted by hometowngrl53

This sound like a great deal for flippers could you please send us the link in which all of us can see and read on how to maybe benfit form this

http://www.nuwireinvestor.com/blogs/investorcentric/2008/04/new-housing-bill-how-will-it-affect.html?utm_source=newsletter&utm_medium=email &utm_term=4.3.08ICblog&utm_content=4.3.08ICblog1&u tm_campaign=newsletter4.3.08

Hi,

Heres the link to the original story above. Of course it's been all over the news too but they skim over this part quickly on most stations so you have to be listening. The media is mostly focused on the area providing 150 billion for preforeclosure counseling, what a joke this is. Just say there are 10 million homeowners nearing foreclosure( there not but lets use this as an example), that would mean that our government is allocating 15,000 per houshold for "pre-foreclosure counseling." Nice work Uncle Sam, why isnt anyone talking about the 6 billion in earmarks on this bill???? It also includes tax breaks for builders who dont layoff or discount new construction. Another portion goes to local govt to buy up stale inventory so we can get our supply numbers more in check to balance the market.. wow.

Last I hear the bill has passed senate 84-12 and now its in the house.

http://money.cnn.com/2008/04/10/news...ex.htm?cnn=yes

And here the bill:

For the link, go to http://thomas.loc.gov , and search for $7,000 foreclosure. That's how I found the bill.

Tom Tarrant
www.tomtarrant.com

[flippinout]

Thank you so much for giving us the link, I wasnt even aware that there was such an offer being made.

What are your ideas on how well this will help our economy and especially the real estate market at this time if this bill is passed?

I would be very interesting on hearing your views on this.