Comments on: Congress May Pass New Homebuyer Tax Credit This Week

By: M

Fri, 06 Nov 2009 23:39:26 +0000

David, Dec.1 2009 is not retroactive to the present, unless you somehow are posting from the future???? In any event, the statement you refer to in your link is incorrect, the new tax $6500 tax credit for eligible move-up buyers is available ONLY to buyers who close on their purchase AFTER Nov. 6, 2009, the effective date of the new law. As for the increased income limits ($125,000 for individuals/$225,000 for joint filers) they, too, only apply to buyers who close on their purchase AFTER Nov. 6.

So,If you already have closed on your purchase before today, you are stuck with the original income limitations.

If you close after today, you can utilize the new income limitations.

By: Top Blog Posts of the Past Week - Housing Complex - Washington City Paper

Top Blog Posts of the Past Week - Housing Complex - Washington City Paper — Fri, 06 Nov 2009 22:40:28 +0000

[...] (3) Congress May Pass New Homebuyer Tax Credit This Week [...]

By: Ruth Samuelson

Ruth Samuelson — Fri, 06 Nov 2009 21:26:20 +0000

Uh, yes, I think you did. This is from the National Association of Realtors' website: [the legislation] expands the credit to grant a $6,500 credit to current home owners purchasing a new or existing home between November 6, 2009 and April 30, 2010.

By: ahhh

ahhh — Fri, 06 Nov 2009 21:05:01 +0000

but what about people who did not qualify for the credit before but now do - but closed before Nov 6?? We closed yesterday!!! did we really miss it?

By: Dennis Norman

Dennis Norman — Thu, 05 Nov 2009 20:32:34 +0000

Homebuyer Tax Credit Update: The House of Representatives just passed the bill by a vote of 403 to 12. It is now headed to the President for his signature..he is expected to sign today or tomorrow which then puts the extension and expansion of the tax credit into law. I have complete details as well as links to the bill in a post at:

http://realestateconsumernews.com/financing/home-buyer-tax-credit-extension-update-house-passes-bill-on-to-president-for-approval/

By: David

David — Thu, 05 Nov 2009 18:37:04 +0000

Got your answer and it is good news. It retro back to Dec 1 2009
The compromise would extend the existing credit and create a new $6,500 credit for move-up buyers. Both types of buyers must sign a binding contract to purchase a new or existing primary residence between December 1, 2009 and April 30, 2010. Buyers would have until June 30 to close the deal.

By: David

David — Thu, 05 Nov 2009 18:15:19 +0000

I also know the orginal tax credit allowed people to file retoactively their 2008 returns to get it so hopefully the new one does the same, or at least covers a few weeks or months previous.

By: David

David — Thu, 05 Nov 2009 18:13:15 +0000

Good question Michael. I would like to know. I just close on October 30th and the old version restricted income at 75K and I earn above that. The new version though expands that to 125K and for that I qualify. Would really like to know and would hope I didnt miss it by 6 days.

By: Dennis Norman

Dennis Norman — Wed, 04 Nov 2009 22:06:51 +0000

Tax Credit Update - Senate voted 9701 today shortly after noon to end debate on H.R. 3548 (The Unemployment Compensation Extension Act of 2009) which contains the amendment extending and expanding the tax credit....Next step is for the Senate to vote on passage of the bill with the amendment...this may happen tomorrow night or Friday...I have complete info in a post at

http://realestateconsumernews.com/financing/home-buyer-tax-credit-extension-update/

By: Michael

Michael — Wed, 04 Nov 2009 19:28:19 +0000

What happens if you close between passage of the law and November 30th? Which version of the Tax Credit would you be eligible for?

Thank you for the information.