Category Archives: Taxes

*What Congress Giveth, They Giveth in Greater Amounts.

Now a special Guest Tax Post from Adam R. Gorlovsky-Schepp, CPA, CIA, CPCU:

Back on November 6th, President Obama signed into law H.R.3548 – Worker, Homeownership, and Business Assistance Act of 2009, It did a few things.

1. Extended Unemployment Benefits, which seems useful based on the news at AboveTheLaw.com.
2. Extended the $8k New HomeBuyers Tax Credit
3. Added a NEW! $6.5k HomeBuyers Credit for those who have lived in a home for more than 5 years.
4. Increased the income limited for these credits by about $100k.

More details here

Alas I still feel bad for those who bought their home 3 years ago and still have jobs. They got no help from the Goverment, their house is worth 10-20% less then they paid for it (Bye Bye Down Payment) and they have to work to make money.

Oh well. Maybe the New Health Care bill will have some goodies for the middle class.

– Adam