$7,000 Foreclosure Tax Credit Proposed
April 8, 2008
The Senate is currently considering a bill that would offer a $7,000 tax credit to those purchasing foreclosure properties. Forbes.com reports:
“Like the House measure, the Senate bill has a standard deduction provision, but it allows businesses to apply their net losses to previous years in which they turned a profit. It gives the Federal Housing Administration (FHA) the ability to insure pricier mortgages, and it provides a $7,000 tax credit to those who buy foreclosed properties.”
If the bill goes through, purchasing a HUD foreclosure property may become even more lucrative for investors.
See Also: Congress Considering $15,000 Rebate Checks for Homebuyers
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