The Housing Bailout Act

Posted by on July 31st, 2008 at 11:04pm

dearjohnthain wrote an interesting post today on
Here’s a quick excerpt
The Senate  has  passed  the  housing Bailout bill.  President Bush is  expected  to sign  this important  piece  of  legislation  this  week. Several key  provisions relate  to  Reverse Mortgage  and  we  will talk  about  those in  more  detail. First  I  wanted  to  mention  one other  part of  the  bill  that might  affect low income  seniors. If  you  do  not  currently  itemize  deductions  because  of low  income or limited  deduction eligibility you  can deduct property taxes paid for  tax year  2008. The  sunset provision  currently only  grants a one  year  window  then  the  deduction  increase  for  non itemizing filers is  set  to  expire after 2008. Standard  deduction for  couples  that  do not  itemize  will  be  up to $11,900, or  for  individuals the  standard  deduction  will be $5,950. Talk  to  you  tax  prepared to see  exactly  what  this  will mean to  you  in you particular  tax  situation.
Now  for  the  changes  in  the  reverse  […]

Read the rest of this great post here

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