An article from The Wall Street Journal Online, reports that Congress has gone from considering ways to collect more taxes from homeowners and individual real-estate investors, to coming up with new tax breaks for home buyers. Congress is now moving toward enacting new tax credits for home buyers, and tax breaks for millions of homeowners who don't currently benefit from the ability to write off property taxes. Linda Goold, tax counsel for the National Association of Realtors said of the rush by Congress to aid homeowners and the real-estate industry, "The world has changed dramatically." In order to claim any tax benefits in the current proposals, you must live in the house you are claiming them for. None of the provisions likely to become law are written to help the small-time investor in a single-family home. Also, the tax breaks under discussion are temporary, so lawmakers can advertise them as being available "for a limited time only."
http://online.wsj.com/article/SB120891638382936977.html?mod=RealEstateMain_1
