Here in America, we view the housing market as one of the main pillars of the economy. As a result, when the real estate market moves slowly, our leaders are concerned about what could happen to the economy. This was a big concern in late 2007 and early 2008 as signs of a housing meltdown really began manifesting. Even before the financial crisis, leaders were trying to prevent a real estate market collapse, and they began offering a first-time homebuyer tax credit to encourage citizens to buy homes.
Homebuyer Tax Credit 2008: Not a True Tax Credit
[Read more…] about Tax Year 2010: Time to Begin Repaying the 2008 First-Time Homebuyer Tax Credit