Home Owner Tax Credit

Home Owner Tax Credit: Time Crisis

Home owner tax credit for first-time buyers— so many Americans are happy about it. Or are they?

A friend of mine bought a new house last December 2008. It was during the period when the market was just about to turn, and house prices were still at an all-time high. He tried applying for US$8,000 tax credit, but they rejected his application. Apparently, he only qualified for the older US$7,500 tax credit. He believes this is unfair.

Why is it that those who bought houses at really high prices last year fail to qualify for the tax credit when those who buy houses now that the prices are at an all-time low do? Shouldn’t it be the opposite

Home Owner Tax Credit: Working Hard for Nothing

My cousin, who just recently saved enough money, bought her new home this February. She tried applying for the 2009 tax credit, but they rejected her application. Apparently, homes bought from relatives do not qualify for the tax incentive.

Do you see how sad it is that my cousin, who has worked for years to earn enough money to buy her house, cannot get financial aid when she owns and lives in her house and pays her monthly mortgage?

Another of my friends also bought a house just this March. He saved money and paid for the down payment on the house he bought from one of his officemates, and yet he does not qualify for the tax credit. Why? Because he is single and earns US$76,000.

My friend understands that this program is meant to target those who earn less money, but he is also a hardworking man who earns an honest living. He is an American who loves his country very much. Doesn’t he deserve the home owner tax credit too?