Is there a homebuyers tax credit extension coming?

By
Real Estate Agent with Realty Direct

Homebuyers could get more time for tax credit
By Tami Luhby






First-time homebuyers looking to land an $8,000 federal income tax credit may have a little more time to close on theirpurchases if a Senate amendment unveiled Thursday makes it into law.

As it stands now, homebuyers must have signed contracts by April 30 and must close the deal by June 30. They could be eligible for an $8,000 tax credit if they are first-time buyers or a $6,500 credit if they owned and lived in their previous home for five of the last eight years.

The closing deadline, however, could be pushed back to Sept. 30 under an amendment offered by Senate Majority Leader Harry Reid, D-Nev., Sen. Johnny Isakson, R-Ga., and Sen. Chris Dodd, D-Conn. The senators said they want to make sure bankshave time to process the transactions -- especially short-sales, which is a more involved process.

"By extending the transaction deadline, we can ensure that everyone taking advantage of this credit can complete the purchaseof their new home, Reid said.

It remains to be seen, however, whether the amendment will go anywhere. It's part of a controversial jobs and tax bill that may be radically changed before the Senate approves it. Lawmakers are not scheduled to vote on the bill until next week at the earliest.


Source: CNN Money


For more questions about buying a home, please contact the following:

BBT Real Estate Group Team 
Keller Williams Preferred Properties
9701 Apollo Drive, Suite 102
Largo, MD 20774 
Phone: 240-737-5024
EFax: 240-296-5024
Email: info@bbtrealestategroup.com

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Dorothy Tanno
ReMax Realty 9 - Jackson, NJ

GOOD NEWS!!!  I hope it happens.

Jun 11, 2010 09:31 AM #1
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