Tax credit for first time homebuyers – Could it get extended?
Tax credit for first time homebuyers – Could it get extended?
Real estate agents are very busy these days as they are trying to finalize deals with clients who want to take advantage of the federal tax credit for first time homebuyers. The tax credit for first time homebuyers will expire on November 30th, 2009. Will this tax credit get extended? – that’s the question everyone in the real estate industry is asking.
The National Association of Realtors and the National Association of Home Builders are engaged in campaigns so that the tax credit can get extended. Also, it has been noted that the delegations of home builders as well as realty brokers have begun descending on district offices in order to inform the higher authorities how beneficial it was to introduce the tax credit. Due to this tax credit, a large number of people have been interested in buying property even during recession. Apart from this, there have been positive economic effects on the local businesses. The tax credit had also helped in generating new jobs and providing the local government with additional tax revenue.
Thus, we can hope that some sort of extension would take place regarding the federal tax credit for first time homebuyers. But I don’t think the government would announce the extension of tax credit before November 30th. Also, we should not expect that the government would provide us with a bigger credit, or broaden the concept of tax credit to cover all buyers next year.
August 29th, 2009 at 2:11 am
It would be a great move if the government takes steps to extend the tax credit for at least a year…first time homeowners like me will be greatly benefited due to this federal tax credit. It’s true that due to this tax credit people have been able to think of buying property even in the period of recession. Let’s hope that the government understands this and extends the tax credit.
November 6th, 2009 at 11:51 pm
The tax credit has finally got extended.
And the best part is that it got expanded too. The senators have finally agreed to extend the first time homebuyer’s tax credit till April 30, 2010. Apart from the $8000 tax credit for first time homebuyers, the current homeowners who have maintained their property for the five of the last eight years, are also eligible. The maximum amount for existing homeowners is $6,500 for married couples and $3,200 for those filing separately.