Real Estate Consultant · Upper Marlboro, MD · Member since 2009 · 15 posts · 1 vote
It looks like the whole real estate market is now waiting to see what's happening with the first time home buyer's tax credit. The deadline is approaching and no big news about the extension or expansion.
There was a piece of news that attracted my attention: the House voted unanimously to extend the tax credit with one more year for the Service members: members of the military, Foreign Service, and intelligence corps who have served overseas.
If you want to read more about this news check this link to usnews.com: http://bit.ly/4e6Z2W.
Real Estate Lender · Wheat Ridge, CO · Member since 2009 · 113 posts · 59 votes
16y
I heard this too. I still think that the credit will be extended for up to 6 months. There was a study that showed extending it would create about 350,000 jobs. As we all know this all comes at a cost. Price tag will be around $30 billion. But what does that matter, its the government and they can afford it.
I dont honestly have an opinion either way. Not extending would open up more buying opportunities and cost the tax payers less but extending will help fuel jobs and the economy and make it easier for us to sell homes. Just wondering what other people are thinking or want to see?
Real Estate Investor · Columbus, OH · Member since 2010 · 18 posts · 27 votes
16y
Old thread, but here's some new information:
(from irs.gov) "Members of the military and certain other federal employees serving outside the U.S. have an extra year to buy a principal residence in the U.S. and qualify for the credit. Thus, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2011. If a binding contract is entered into by that date, the taxpayer has until June 30, 2011, to close on the purchase. Members of the uniformed services, members of the Foreign Service and employees of the intelligence community are eligible for this special rule. It applies to any individual (and, if married, the individual’s spouse) who serves on qualified official extended duty service outside of the United States for at least 90 days during the period beginning after Dec. 31, 2008, and ending before May 1, 2010."
Of note, the original thread was started in 2009, but the information I've posted relates to this year and in to 2011. While not many may qualify under this extension, I figured it was info worth knowing. Ironically, I found this because I fit the criteria, and I'll be taking advantage of this when I buy my first home (which will be my primary residence) in early 2011.