First-Time Home Buyer Tax Credit
It just makes sense that the first post of my first blog should address…first-time home buyers. All year long I’ve been haunted by the big green monster, jealousy. With my youngest child just 19 months from his high school graduation, my wife and I are ready for a major downsize. With the prospect of re-entering the housing market I keep asking myself two questions. First, “is there a way to close on a new home before December 1st? And second, the $8,000 question “is there some loophole where my new purchase looks like a first-time purchase?”
Of course, I’m referring to the current tax credit for first-time home buyers. Wow, what a time to be buying your first home. It’s like the perfect storm, homes selling at six year lows, interest rates below six percent, and a whopping eight thousand dollars off your 2009 tax liability. But, I have bad news too. To qualify you have to close on your new home by November 31st. So, unless you have a bundle of cash or private financing, and a very motivated seller, it will be near impossible to make that deadline.
On the brighter side, we have seen such a nice rebound on home sales since March that lawmakers will most likely extend the credit into 2010. With the extension you will need a signed contract by April 30th and title must transfer by June 30th. And just to tease me a little more they’ll keep the green monster alive by offering $6,500 to buyers who’ve owned their current home for five years or more and want to trade up. I wonder if I can convince my son to study a little harder and graduate in 7 months.
There are other stipulations to qualify for the tax credit so for detailed information you can visit the IRS here.
Pending home sales were reported this morning with a surprising 6.1% increase which is close to a 3 year high. Positive news like this certainly gives Congress incentive to pass the proposed extension!
Useful Tips for a Greener Office
For most of us, work is where...
- Posted September 14, 2018
Simple Ways to Lower Home Cooling Costs
Spring is near in sight, and that...
- Posted March 2, 2017
DIY Disaster – Oversized Load
We focus a lot on “How to”...
- Posted September 8, 2014
Best Step Ladder – You Choose
Are you in the market for a...
- Posted August 14, 2011
Safe Room Construction
A couple years ago, safe rooms (a.k.a....
- Posted May 30, 2011
How to Make a Center Line Jig
In this video tip I teach you...
- Posted January 27, 2011
Blade Cleaning Video
Today’s video tip is all about blade...
- Posted December 14, 2010
Join Us On Facebook
Nominal Lumber Size Dimensions and Conversion Chart In a way, it has always...
- June 11, 2010
Repair and Patch Drywall | How to Fix a Hole in Sheetrock Did some of the guests get...
- December 28, 2009