Senate Democrats say they will extend the first-time home buyer tax credit ahead of the program’s Nov. 30 expiration.
by woodley wonderworks (cc)
Learn more about the first-time home buyer tax credit.
A Reuters report says a vote on the measure could happen as soon as Tuesday evening. However, Republicans say that negotiations are still taking place.
The tax credit provides up to $8,000 to homebuyers and has been wildly popular. As its expiration on Nov. 30 nears, consumers and the real estate industry both are clamoring for an extension.
The program has been credited for the recent rise in home prices in most major cities over the last 3-4 months. But the tax credit is not without critics, who say its cost outweighs the net benefit. Economics blog Calculated Risk estimates that for each home sold under the program taxpayers spend $43,000. And Congress estimates that an extension of the program would cost $1 billion per month.
Housing industry’s growing momentum is a stark contrast to employment, which has remained weak. Further stimulus in the housing sector likely will do little for job creation, adding to skepticism that such a program is helping America climb out of the economic slump.
IF PERSON PREVIOUSLY OWN A MOBIL HOME AND IS NOW PURCHASING HOME WILL THE TAX CREDIT FOR 1ST HOME OWNERS APPLY.
THANK YOU FOR YOUR HELP IN THIS.
DEBORAH CHRISCO
If a father buys a home for his daughter, cash, will the tax credit apply for the daughter?
i filed my amendment for my home tax 8000 its been 9 weeks
My husband and I did our amendment taxes back in March, than in Sept we got a letter asking about why we pay intrest points. (We have a time share). So anyone reading this . Be advise its now Nov and no one has given us any answers. This is my husbands 1st house and nothing yet.
I PURCHASED A HOME IN 2004 AS I AND MY WIFE AS PRIME BUYERS. BUT JUST ADDED MY ELDER SON’S NAME IN THE DEED. BUT HE NEVER PAID ANY MORTGAGES OR ANYTHING RELATED TO THIS HOME. NOW HE IS BUYING A HOME IN HIS NAME. IS HE ELIGIBLE TO GET A TAX CREDIT AVAILABLE FOR THE FIRST HOME BUYER?.
We bought our house in february anf\d havent got our money..
Its a lie the Goverment is pullin another fast one..
We are in debt to people.. Money can only be owned by people..So think about that before u get mad at a a bank..
We have to find these owners and apply pressure by any means..
I applied through H & R block for this credit last year during tax time. I bought my house in 2008 and i have yet to recieve my loan. My cousin just bought her house this year and her and her husband has got theres back within a month. I am very disapointed in this credit. I have to pay this back and when? I feel I shouldnt cause it has been a YEAR. it has been resumitted twice, what is going on.