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Homebuyers who are claiming either the $6,500 move up credit or the $8,000 First Time Homebuyer Tax Credit cannot file electronically, according to the IRS. One of my past clients let me know of this after she read an article on MSN. (Thank you for the information and link!) The reason for this restriction is [...]
When the Homebuyer Tax Credit was extended to include long-time homeowners buying new houses and getting a $6,500 credit, a whole new group of questions came into play. Unfortunately for a few clients of mine (and I am sure many others out there), the answers were not what they were hoping. One person owns a [...]
I have been receiving more emails and questions regarding the newly expanded homebuyer tax credit, so I wanted to address them and share links to documents from the IRS and the National Association of REALTORS (R) to help hopefully address those questions. 1) Do you need to SELL your current home that you have lived in for five [...]
The big question that I and many others had about the new $6,500 tax credit for current homeowners, is whether buyers with their houses currently under contract would be eligible under the new bill. The answer, according to the National Association of REALTORS (R) is YES! The bill was signed into law today by President [...]
**Update: According to the National Association of REALTORS (R) , the answer to the main question below is YES, buyers settling houses after November 6, 2009, even if under contract before the bill was signed, would qualify for the credit. I still recommend speaking with your tax accounting professional to determine your eligibility and to be certain on [...]
Please see more updated posts on the" tax credit extension" where some of these questions & answers & dates are addressed. ----------------------------------- There are many confusing points and valid questions at the forefront of the "tax credit extension" and new credit for second time buyers, and in delving further, I am not finding the answers [...]
CNN reports that the House of Representatives voted 403-12 to extend the first time homebuyer tax credit this afternoon. The Senate passed this measure yesterday. The next step is to go to the President's desk for his signature. There are many questions as to whether buyers under contract now will be able to take advantage [...]
According to CNN, by a vote of 98 to 0, the Senate voted to extend unemployment benefits and extend the First Time Homebuyer Tax Credit! The next step is to move onto the House of Representatives, who is expected to pass it as well as early as tomorrow, and get the bill into President Obama's [...]
According to the Associated Press, per their article of 8 pm October 28, 2009, the Senate agreed to extend the Homebuyer Tax Credit for people writing contracts through the end of April, 2010, and settling by the end of June, 2010. They are also including a reduced credit of up to $6,500 for repeat buyers [...]
November 30, 2009 seems far enough away. It's after Thanksgiving, and it's currently 95 degrees out. Who's counting? Towson First Time Homebuyers should be, that's who! If you want to take advantage of the First Time Homebuyer Tax Credit, you must get MOVING NOW! It can take some time to find a house. If we [...]