Yes folks, the First-Time Homebuyer Credit may be extended yet again. Senate Majority Leader Harry Reid has introduced an amendment to the American Jobs and Closing Tax Loopholes Act of 2010 that would extend the transaction closing date for the First-Time Homebuyer Credit from June 30 to September 30.
The action was taken due to growing concern that banks would be unable to process transactions such as short sales within the designated time frame. The September 30 deadline would allow for completion of the sales.
The Housing and Economic Recovery Act of 2008 established a tax credit for first-time homebuyer’s worth up to $7,500. The American Recovery and Reinvestment Act of 2009 increased the credit amount to $8,000 for purchases made before December 1, 2009. The Worker, Homeownership and Business Assistance Act of 2009 extended the deadline to contract on a home to April 30, 2010, with a closing date prior to July 1, 2010.
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