The housing-rescue bill, also know as the Housing Assistance Act of 2008, is intended to calm the mortgage market, the real estate market, homeowners on the verge of bankruptcy and foreclosure, victims of bank failures and others whose lives are topsy-turvy this year. But from a tax perspective, the bill has some hidden “gatcha’s”.

For example, there is a $7,500 credit for new homeowners that’s not really a credit at all… it’s a loan. Those who qualify to receive this credit will receive 10% of the purchase price of their home — up to $7,500, in the first year. Then they will repay the loan over a 15-year period, starting in the second year after the taxable year in which the house is purchased.

If you’ve been taking that $250,000 ($500,000 for couples filing jointly) personal residence capital-gains-tax exclusion as you moved from home to vacation home to the next home, etc. and avoiding income taxes on the sale of each one… well that free ride is over. The personal resident exclusion is still good on your personal home. However, you’ll be paying taxes on the sale of your vacation home, or rental property converted to a home.

In a blow to your privacy rights, eBay merchants and others accepting credit cards, debit cards, or third-party payments, your merchant bank will now be required to send a report to IRS and to you with your total annual gross payment card receipts. In other words, IRS will get your total merchant credit card gross receipts for the year. In the past, when IRS wanted to get information from banks and merchant accounts, it required going to a judge and getting a subpoena. With this new law in place, IRS can now step in and audit at any time — with a little or no notice.

The bill will increase the national debt ceiling by $800 billion, further enslaving your children with higher taxes to repay the interest to the Federal Reserve.

And, where does all the money come from to pay for this bailout bill? Well, the Federal Reserve prints it up out of thin air and eventually YOU end up paying it back with higher taxes and a depreciated dollar.