Expiring Homeowners Credit

Today TaxMama hears from Penny in Kansas who is confused. “Have you heard anything about the new home tax credit having to be used by Monday, June 29, 2009? A couple of realtors have told clients that the money’s running out. If we are going to get the credit, they must get it by Monday.”

TaxMama answers a question on Tax

Dear Penny,

That’s utter nonsense.

They’re just trying to accelerate their sales, perhaps to win monthly bonuses at their offices…or just to pressure people to make offers and close escrows. Who knows what goes on in the minds of real estate agents who have to stoop to lying to generate a sale?

Relax. Take your time and find the perfect house. It is, after all, a buyers market this year. You can use the credit for any first-time home purchase until November 30, 2009. In fact, there is even talk on Capitol Hill about expanding the credit to $15,000 and removing the first-time homebuyer stipulation. That’s just talk so far. So don’t bank on it.

Now, perhaps there is a STATE credit in Kansas that’s expiring?

Though, I cannot find one.

And remember, you can find answers to all kinds of questions about the first time homebuyers credit and other tax issues, free. Where? Where else? At TaxMama.com

[Note: If you were subscribed to the e-mailed TaxQuips, you’d be getting other exciting news and tips by e-mail, that never appear on the site. Please click on the subscribe link and join us.]

File Download (0:00 min / 0 MB)

Leave a Reply