Federal Tax Credit: 38 Days Left

by Mark Wellborn


With just over a month remaining to take advantage of the $8,000 tax credit and no signs that it will be extended for a third time, we wanted to quickly remind readers of a few things they should know.

  • Buyers wanting to take advantage of the credit must be under contract by April 30th, and must close on their new home by June 30th. A few months ago, Realtor Mandy Mills told UrbanTurf that most contracts settle in 30-45 days and most loans today take about 30 days to process, so to be safe, you may want to be under contract by April 20th.
  • The credit is available to individuals earning up to $125,000 or couples earning up to $225,000. The extension is not just limited to first-timers this time around: existing homeowners qualify for a $6,500 credit if they have lived in their current residence for five years.
  • You cannot buy a property from (most) relatives and take advantage of the credit.
  • As we noted above, don’t bank on another extension. Even with real estate groups lobbying for a third extension, we find this prospect highly unlikely. Opponents of the credit were less than thrilled when the idea was broached late last year to extend it for a second time, so we imagine that they will not look favorably on a third go-round.

See other articles related to: home buying, federal tax credit

This article originally published at https://dc.urbanturf.com/articles/blog/federal_tax_credit_38_days_left/1904


  1. U-Streeter said at 10:48 am on Wednesday March 24, 2010:

    It has been since August and I still have not received my $8,000 back…anyone else run into this issue?

  1. Bill said at 10:50 am on Wednesday March 24, 2010:

    Note that for married couples, both spouses must qualify; i.e. both as new home owners (>= 3 years since purchase) or both as long time residents (5 years in same home over last 8 years).  My wife (married on 2008) would qualify as a new home owner, but I sold my last house in August 2007.. so we miss out.

  1. John said at 2:50 pm on Wednesday March 24, 2010:

    Bill, check out the IRS.gov website about this.  I’ve read some articles about this very topic since it would apply to me as well.  I believe your wife could still get half the credit as a qualifier and you would get 0.  Don’t miss out of $4,000 if she can get it!

Comments are closed.

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