The Internal Revenue Service released a statement noting that over 1.4 million taxpayers have utilized the $8,000 first-time homebuyer tax credit this year. As you’ve likely heard, homebuyers who haven’t owned a home for the last three years and close on a house between January 1, 2009, and December 1, 2009, are eligible for a tax credit of up to $8,000. The law allows taxpayers to amend their 2008 tax return or to wait until next year and claim it on the 2009 return.
Although there is no guarantee of passage, it is widely suspected that Congress will extend this tax credit into next year. Some are trying to increase it to a $15,000 credit that would be open to all home buyers, not just first-timers. If you are a first-time buyer, you might want to consider acting quickly to ensure you get the $8,000 credit. In order to close by December 1, 2009, you’ll want to have a house under contract by mid-October. It’s not a lot of time, but it can definitely be done.
contact me at 512-650-7300, by email, or the form below to get started.