You’ve got to close on your home before Dec. 1 to qualify for a tax credit that could reduce your federal taxes by as much as $8,000 from your federal taxes.
The first-time homebuyer’s tax credit has been one of the most popular parts of the economic stimulus bill Congress passed last winter.
But if you don’t have a sales contract in hand, and a mortgage application in the works, by mid-October you’ll be racing to meet that deadline.
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Is it just me, or does the government purposely end the programs that actually work? Cash for clunkers…gone. First time homebuyer credit… gone. Yet we can build high speed rail from LA to Las Vegas. Am I missing something?
The money has to come from somewhere and if the budget doesn’t call for an extension than it just can’t happen. As a real estate agent myself and the national association of Realtors are pushing for it to be extended. If they announced an extension right now it would have no impact though, the deadline is what gives tax credit its true power. If it gets extended it will not be announced until mid November at the earliest.
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