Will the $8,000 First-Time Home Buyer Tax Credit Expand to $15,000?
This is a question or rather – comment- that I hear a lot, that the tax credit will be upped to $15,000. This is a good article that goes into the uphill battle the bill has to get that done.
My professional opinion is that the government will extend the tax credit for the public and very well may open it up to all home buyers not just first time buyers, and remove the income limitations the current credit has. They have already extended the credit for Veterans, and if they extend or expand the credit for the general public, they would have to alter it so it was relevant to a different crowd of people than those who have already taken advantage of it.
So if they open it up to all home buyers, then those looking to “move up” or buy a bigger home can take advantage of it, which is the largest demographics of home buyers that need help right now.
See below to read the entire article.
Taxpayers will have to pay for this. It enables people who may not be qualified or cannot afford the monthly payments to get in over their head.