Homebuyer tax credit-8 days remain for repeat buyers to stick it to grandchildren

Grandchildren everywhere are celebrating the end of the government's program to reward repeat buyers with a $6,500 gift at the expense of grandchildren. 8 days remain and grandkids everywhere are begging our congressional spenders will not extend or expand the U.S. Government sweepstakes program.

Our government has piled up historical levels of debt and yet continues to hand out tax credits like confetti at a ticker tape parade. This is America, the land of bailouts and entitlement. Simply spend today and let the grandchildren carry the burden.

The $6,500 Move-Up / Repeat Home Buyer Tax Credit at a Glance
To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.

The tax credit does not have to be repaid unless the home is sold or ceases to be used as the buyer’s principal residence within three years after the initial purchase.

The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $6,500.

The tax credit applies only to homes priced at $800,000 or less.

The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, the home purchase qualifies provided it is completed by June 30, 2010.

Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

Winning photo on the Federal Housing Tax Credit website

Granpda's photo entry (it did not even place)