This has been THE year for first-time home buyers to take advantage of the housing market and buy that first home. Anyone who did (and met the guidelines) got to take advantage of an $8,000 check from the government as a tax credit!
Right now, this tax credit is only available if you get your closing in by November 30, 2009, but hopefully a new bill proposed by Sen. Johnny Isakson and Sen. Chris Dodd will not only expand the deadline, but could also expand the tax credit amount from $8,000 to $15,000!
There’s lots of support for the bill from the National Association of Realtors and the National Association of Home Builders, but Treasury Secretary Timothy Geithner said Thursday that he hasn’t “made judgment yet” on extending the credit.
Check out this Mortgage News article for more info.
There’s no date when the new bill will be decided on, but we’ll keep our ears open for it!
I’ve been active in taxes for lengthier then I care to acknowledge, both on the personal side (all my working life-time!!) and from a legal standpoint since passing the bar and following tax law. I’ve rendered a lot of advice and redressed a lot of wrongs, and I must say that what you’ve posted makes perfect sense. Please persist in the good work – the more individuals know the better they’ll be armed to deal with the tax man, and that’s what it’s all about.