What the $8,000 Home Buyer Tax Credit Means for Retirees

On Tuesday, President Barack Obama signed into law the new $787 billion stimulus bill. While the proposed $15,000 home buyer tax credit died in negotiations between the House and the Senate, a similar—albeit smaller-$8,000 first-time home buyer tax credit passed which is designed to help revive the ailing real estate market. If you are a retiring Baby Boomer here are some things you should know about how the bill will affect you. Unfortunately, for most Boomers, the new tax credit will have little to no effect.