Home Buyer Tax Credit Is Set to End
By: Lynn Vance
Updated: October 16, 2009
“The money was too good to pass up.” First time home buyer Jay Horton is talking about the 2009 Home Tax Credit. But the December 1st 2009 deadline for the credit is fast approaching. The credit is for first time home buyers. It’s equal to 10 percent of the home’s purchase price up to a maximum of 8,000 dollars. Many people think of the credit as free money from the government for buying a home. It doesn’t have to be paid back and if you normally get a refund check, the credit will be refunded to you. So the rush is on to take advantage of it. NBC 6 spoke with real estate broker Patricia Veuleman of C. Smart Properties. She is working to get people the credit, “There is definitely a push to get clients closed in time for their tax credit.” She said buyers would need to close on their home by November 30th. We asked Mr. Horton if the credit was a deciding factor or an added bonus in his purchase. “It was THE deciding factor!” He went on to say with prices low, it was a good time to buy. On Oct. 5th, White House Press Secretary Robert Gibbs acknowledged that “there has been quite a bit of success” with the $8,000 tax credit, and added that President Obama is considering extending it to help strengthen the economy and create jobs. But so far no official word on if or when that could happen. For more detailed information, talk with a local real estate agent or go to www.federalhousingtaxcredit.com or www.irs.gov (search for first time homebuyer tax credit)
