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Too Late For First Time Home Buyer Tax Credit?

Posted on October 25 By Justin McHood

Is it too late to claim the first time home buyers tax credit?

No.

As it stands now, it officially ends on November 30, 2009 - which means if you are currently under contract and are in process of getting financing, you will still probably close in time to claim the $8,000 tax credit.

But if you haven't picked out a house and gotten an accepted sales contract and are currently working on getting financing approved then you are probably too late.

Unless congress does something to extend and/or expand the credit.

According to the coverage of the tax credit by the Phoenix Real Estate guy:

  • UPI is reporting that Senator Johnny Isakson, who has lead the charge for a home buyer tax credit in the Senate since Day 1 has reached a point of compromise. Isakson has always wanted to see the tax credit at $15K, not limited to first time buyers, and the income limits increased. According to UPI, Isakson will introduce an amendment for a six month extension rather than 12 month and keep the credit at $8,000. He will still try to expand it to all primary residence buyers and raise the income limit to $150K for an individual or $300K for a couple.
  • The Wall Street Journal reports that Isakson is “cautiously optimistic” that an extension – with procedural safeguards attached to stem the ever-growing tide of fraudulent credit claims – can move ahead in the Senate next week.
  • CNBC is reporting that Senate Majority Leader Harry Reid is making a counter-proposal to Isakson’s tax credit extension that will phase out through 2010:
    Under Reid’s plan, the $8,000 tax credit would be phased out over time, dropping to $6,000 in April, $4,000 in July, and $2,000 in October, before expiring at the end of 2010. The plan could come to a vote as early as next week.
What actually happens as to whether or not the tax credit will be extended and/or expanded will be decided in the coming weeks - and many people will be anxiously waiting the answer... except for those people who have already taken advantage of the credit and bought a house!

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