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First Time Homebuyer Credit Set to Expire

Categories Tax Tips (Fed)

The deadline for first-time homebuyers who would like to take advantage of the tax credit provided by the February 2009 stimulus bill (the American Recovery and Reinvestment Act of 2009, often referred to as ARRA) must close their qualifying home purchases by December 1, 2009. The credit is for 10% of the purchase price of a home, up to a maximum of $8,000, and is means tested.

IRS provides great detail on its website and also includes a YouTube video. The key takeaway is that current law requires the purchase to be complete by December 1st—not for a contract to be signed by then. While there is some talk on the Hill about extending (and expanding) the provision (not surprisingly, the home builders, mortgage bankers, and real estate agents are pushing in this direction), current law indicates that those who would like to take advantage of the refundable credit are going to need to act soon.

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