Will our Government extend the 8K tax credit?
ByWelcome back to this week’s blog! We are excited to bring you some breaking news pertaining to the 8K income tax credit that is set to expire November 30, 2009.
The new law in discussion would extend the credit until June 2010!!
The tax credit has already helped 2 million first-time homebuyers earning less than $300,000/yr purchase homes. It has also helped stabilize home sales after the worst housing slump since the Great Depression! This program has cost the U.S.Government $17 Billion…and counting!!
So, if you are one of the first time homebuyers out there that has put in multiple offers on homes only to find out you were beat out by an offer $1,000.00 higher than yours, don’t give up hope! The banks are expected to start releasing more homes into the market in 2010 and, with the extension to the 8K tax credit, you are likely to find the home of your dreams soon!
Have many of you wondered why this credit was only applicable to first time homebuyers? Wouldn’t it be more prudent to reward all tax payers that haven’t foreclosed or short saled a home in the past few years? EXACTLY!! Well….if passed, the new credit being discussed would give ALL taxpayers the credit for buying a new primary residence, second home and/or investment property between December 2009 and June 2010.
Wishing you much success!