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.”