There's lots of folks heralding the new First Time Home Buyer Tax Credit...but there are those who feel that it is a lot more sizzle than steak. Sure, a first time homebuyer can utilize the new government incentive to fix up the home, adding value and equity to their balance sheet, but it is also possible that the tax benefit will be squandered on vacations or consumer goods with massive initial depreciation rates. That might be a boost to the economy, but the inexperienced first time home buyer will still be looking at 15 years of $500 per year debt, (at maximum credit) because the IRS will recapture 100% of the tax credit over 15 years, and it won't even show up on his/her credit report. As is obvious, savings and not debt makes for a stronger balance sheet. While there may be seve...
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