Tax breaks for forclosures?

[gamecock43]

A friend heard through her financial advisor that the govt is thinking they might begin giving tax breaks to people who buy a forclosure. Maybe I have been living in a cave, but has anyone else heard this? Details?

[sweeps]

Is this what your friend is referring to?

[The legislation] would give a $7,000 tax credit to purchasers of foreclosed homes and would provide a new tax break for struggling home builders, allowing them to claim current losses against taxes paid in prior, more profitable years. Officials said the proposals would cost taxpayers $15 billion to $20 billion, with details still being worked out.

[gamecock43]

maybe. thanks! $7k tax credit for a forclosure sounds good. I know in the past forclosures have traditionally been associated with delapitated, abandoned, and negative adjectives, but at this moment in time, many forclosure houses are in excellent condition, with many being reletively new houses. it's something to consider currently in this market.

[jIM_Ohio]

this would transfer risks from banks to private investors.

[project15]

we just placed an offer on a foreclosure tonight. Hopefully this passes and we are included in the included dates. I read that the proposal would include all closing dates from Feb 29, 2008 to Feb 28, 2009. Anyone have more info on the dates?