Tuesday, November 3, 2009

First Time Home Buyer Tax Credit Extension???

Undoubtedly the Lincoln, Nebraska real estate market has been the beneficiary, like many other markets, of the 2009 First Time Home Buyer $8,000 Tax Credit. However, as you may or many not be aware, this tax credit does expired as of November 30, 2009. There has been an outcry from different groups to extend this tax credit as well as make some revisions to it to allow even those who are not first time buyers the chance to claim the tax credit. Although there has been no official extension, word from Washington is that they are very close to passing an extension with the following changes:

1. Tax credit will be extended until June 30, 2010
2. The property must be under contract by April 30, 2010
3. Those who are not first time buyers may qualify for a $6,800 tax credit.

Again, this has not yet passed fully through Washington but, looks likely. I will of course update my blog with my information as it becomes available.

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