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eric1

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smithsussane · Posted: Sat Nov 07, 2009 12:07 am Post subject:

Hi Eric!

It's really great to hear that the Obama administration has both extended and expanded the first time homebuyer tax credit. The tax credit would also be available to the homebuyers who would sign the sales agreement by April end. They will get time till the end of June in order to close in their new homes.

It was also noted that the senators are negotiating on another tax credit which would help money losing businesses to get refunds for taxes that they have paid in the previous years.

Sussane

jenkin7 · Posted: Sat Nov 07, 2009 1:51 am Post subject:

Hi Eric,

The extension of the tax credit is a welcome move by the Govt. The home buyers, who will not be able to close on their loans prior to Nov. 30, 2008, can now breathe a sign of relief! It is no doubt that this much anticipated extension will help in increasing the demand for both homes and home loans.

The interesting part of this tax credit is, it now involves that not just the first time buyers, but also those who has owned a home for the past 5 years. So, those who thought they cannot get the tax credit because they already own a home will now feel encouraged to buy a new primary home. Moreover, the income limit has also been raised which would mean a larger number of people will be able to qualify for the home buyer tax credit.

Jessica

Here are the things you should do to take advantage of the home-buyer tax credit.

You should have your new home in escrow by April 30, 2010. The loan closing should be held within the next 60 days.
Consult a tax preparer to confirm that you qualify for the tax credit.
Make sure you know how much you'll get as credit. Usually it is 10% of your home purchase price.
You need to attach your closing statement to your federal tax return as proof of your home purchase.

Hope you find the tips helpful. Smile

Regards,

Jessica

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Obama Extends The Homebuyer Tax Credit