Tax Rebate Program Question

by Ralph
(Kansas)

We have recently been looking for a home to take advantage of the current low interest rates. We have heard that the government sponsored tax rebate is no longer available, is that true?

We had some friends that recently bought a home and they will get up to $8000.00 depending on how much income tax they owe. We sure would like to get the same kind of deal but were unsure if the program had expired.

I had been told that the program expired at the end of November of 2009. Thanks for any information you can give us.

===ANSWER===

Hi Ralph,

Thanks for asking your questions.

I'm not a tax professional so I would have to encourage you to talk with a tax expert to see if you qualify for the First Time Home Buyer tax credit.

There was a program that expired in the end of 2009 as you thought. However, the government has extended it until June 30, 2010.

You have to close by this date in order to qualify.

The credit is for a maximum of $8,000 and it can be used as a down payment in some loan programs out there.

I hope this helps.

Jeff

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First Time Home Buyer Tax Credit
by: Don

I sure appreciate your concern about the first time home buyer tax credit Ralph. The extension will help me to buy a home also.

What I found is the tax credit is not a loan so it doesn't have to be paid back if you stay in your home a minimum of 3 years!!!! Hurray.

But it is only available if you purchase your home before April 30, 2010. You do not have to close by that date. They give you until June 30, 2010 to close. So we only have a short window to use it.

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