There are dozens of articles on this site about the Home Buyer Tax Credit. You can see them all here.
For the most recent news about the Home Buyer Tax credit, please see this article (July 2, 2010).
I’m seeing dozens of people landing on this blog every day using search terms that clearly indicate they are trying to find out if the $8000 homebuyer tax credit has either been extended, or is under consideration for another extension.
The short answer is no, neither the (up to) $8,000 first-time home buyer tax credit or the (up to) $6,500 existing home owner tax credit has been extended.
And while theoretically anything can happen in Congress (well, not anything ”“ seen the budget lately?) there are no bills currently pending in either the House or Senate to extend the tax credit. Given that it is set to expire April 30, it appears that the homebuyer tax credit will finally cease to exist.
So if you are planning to take advantage of the tax credit, here is what you have to do:
- Be under contract to purchase a home by April 30, 2010.
- Close on that home by June 30, 2010.
There is an exception to those dates if you are in the Military or “certain other federal employees” serving outside the United States. If you fall into this category, you may have an additional year to claim the credit.
So, if you aren’t already under contract to purchase a home, you’ve got two weeks to get yourself under contract. And be sure you can CLOSE by June 30. But please, don’t rush into a financial commitment the size and scope of a home purchase just to get an $8K tax credit. That’s the last reason to buy a home as I’ve mentioned here many times.