The Tax Credit Update
It looks like we will get a little bit of help with the tax credit. Again, I don’t know if we necessarily need it but it can help those who can get the tax credit not feel as rushed and buy a home they like instead of one they end up regretting. Then again, why do people always wait until the last minute?
Kiplinger’s Tax Letter wrote, “start with the first time home buyer credit, the $8,000 break that is set to expire on November 30th. The credit will be extended for a few a months, and lawmakers will clarify that first time purchasers don’t have to complete the sale by the expiration date to get the tax credit. They need only a signed contract. The odds are low that Congress will expand the credit to folks who aren’t first time home buyers, or increase the credit limit to $15,000.