Thursday, June 17, 2010

Senate Approves $8k Tax Credit Extension

The Senate yesterday voted to provide homebuyers with an additional three months to complete their home purchase. The credit, which would have expired June 30, provides an $8,000 credit against federal taxes for qualifying first-time homebuyers. The extension will affect only those sales already pending (or new backdated contracts; wait, that's not legal), but gives them until September 30th to settle. The bill has not yet been approved by the House, but is expected to pass and be signed by the President. Homebuyers in Washington DC will still enjoy the $5,000 tax credit, which extends through the end of the year.


Anonymous said...

Any news on the $6,500 second time buyer credit?

IMGoph on Jun 22, 2010, 5:44:00 PM said...

sounds like this is going to get extended in perpetuity. guess you should just look at a price and automatically deduct $8000 from it in your mind.

or, sellers will start slapping an additional $8000 to their prices.

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