Was filling out our income tax return and just had to laugh:
On the 2010 On-line Tax Application this year:
"If you claimed the first-time home buyer credit for a home purchased in 2008, you must begin repayment of the credit on your 2010 income tax return. Also if you claimed the first-time home buyer credit on a prior year return and that home is no longer your main home, this credit may be subject to immediate recapture."
OMG!!! How many first time home buyers do you think read the fine print on this! I feel sorry for them.
When I heard about this back then, I knew it was unfair to single out particular groups for a tax credit. Why just first-time home buyers, why not all home buyers? But that is the way our government has been working for about the last 60 years. But now we find out it really wasn't a tax credit at all - it was a SCAM by our federal government to to get people to buy homes! And probably used the young people (first time buyers) because seasoned home buyers would have figured this out. They are giving the first time home buyer 10 years to repay it - how many will stay in their home that long? I am tired of TAX CREDITS! Just don't tax us in the first place!!!
I've had it!!! The government first has to takith away - to givith! And now they givith and then takith away! Is your head spinning yet?