The Housing Stimulus Bill – Can it help you move to Vermont?
The “Housing and Economic Recovery Act of 2008” includes several provisions that make this a great time to buy a house, inn or bed and breakfast in Vermont. While some may not apply to you, it would be in your best interest to become familiar with the details of this act. Here are a few highlights:
– The Homebuyer Tax Credit is a $7500 tax credit on qualified purchaches between now and June 30, 2009. Repayable over 15 years, this is essentially an interest free loan.
– An additional property tax deduction allows for all homeowners to deduct up to $500 (or $1000 on a joint return) if they use the standard deduction and do not itemize on their 2008 return.
– Seller-funded downpayment assistance programs, while prohibited by those who have a financial interest in the sale, are not prohibited by nonprofit groups funded by those sources, including employers and family members.
Read all of the provisions here and see if they make a differance in your upcoming decision to buy in Vermont! Feel free to contact us if you have any specific questions; we would be more than happy to answer any questions you may have.