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The Foreclosure Tax Credit: Blessing or Curse? | Add Comment

    • Dates for bill 6/25/2008
    I purchased a forclosure on 03-31-08. Does this bill set a date for when the forclosure purchase must occur between? Essentially did I buy to early to not possibly be allowed this wonderful and much needed tax break....I know the bill is still pending approval but have they set any kind of prelimenary dates?????

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      • RE 6/25/2008
      Since this bill hasn't passed yet it is no sure thing. Many people see it as a blatant bailout of lenders (which it probably is), and as such it is under heavy debate. If it is passed though (possibly as part of this new $300 billion housing bill), I would guess that they credit would be good for foreclosure properties bought in 2008, however, I don't know this for sure, just a guess. Anything to do with tax credits is generally easier to just set for the entire year, opposed to only after x date.

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