Will The $8,000 Tax Credit Get Extended?
It looks that way according to Kiplinger’s Letter. “Another year for the first time home buyers tax credit is a good bet as well. With the housing market languishing, Congress is likely to OK an extension until January 1, 2011. The $8,000 credit is currently set to expire on December 1 this year. Having parents co-sign your mortgage won’t nix the credit for you, either, the Service says privately. The fact that your parents currently own a primary residence doesn’t taint your status as a first-time home buyer. You can qualify for the credit as long as you haven’t owned a primary residence in the U.S. in the past three years. If you are married when you buy, the three-year rule also applies to your spouse.”