Buy a Home in Poconos And Get a $8,000 Tax Cut

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September 28, 2009, by Rich Demos in Home Buying Process

Buy a Home in Poconos And Get a $8,000 Tax Cut, by Poconos Real Estate Expert Sample Profile

The government is giving away free money. Barack Obama approved a tax cut of $8,000 for all first time homebuyers. The tax cut was passed on Feb. 25, 2009 and applies to all homes purchased in 2008 and 2009. If you’re thinking about purchasing a home soon, this may be the best year to do it.

The idea here is that Obama wants to bring more money out of people’s pockets and back into the economy. By adding the extra $8,000 incentive, the hope is that a lot of new homebuyers will come out of the woodwork and start buying homes.

The government makes money off taxes. When you purchase your home, you get taxed. Every year you get taxed. The banks and mortgage brokers are further taxed in the home purchase. The chain of taxes goes on and on. It’s in the government’s best interest to get as many homebuyers actively making purchases as possible.

President Obama has made it his mission to bring the deficit down by 50% by the end of his first four years in office. Issuing this $8,000 incentive is a huge active step towards making that happen.

What’s great about this tax cut is that you never have to pay it back. In the past, tax cuts were more like “tax loans,” where you got a cut this year but had to pay it back in the future. With this new tax cut law, you never have to pay back the money.

It’s basically free money from the government that you never have to pay back.

If you’re thinking about purchasing a home, now is likely the best time to do it. This free $8,000 from the government is only going to last throughout 2009, so take advantage of it while you still can.

There is a lot of free information available to you about buying, selling or investing in Poconos real estate. For complete information about the Poconos real estate market including current homes for sale, property values and more please visit the most complete website online dedicated to everything Poconos real estate at bap.com. Please feel free to contact me with any of your real estate or mortgage related questions and I will be more than glad to answer your questions. Call me on my cell at 46546546546 or email me at thurs@bap.com.