1st Time Homebuyer Tax Credit Officially Extended (2010, guidelines, IRS)

[TexasHorseLady]

That could be. However, timing can be everything, and that's something to consider. Someone might be under contract to purchase, they have a closing coming up, something comes up to delay the closing past November 30, and they think, "Oh, well, no big deal, it's been extended" and don't push to get it closed by the deadline if it turns out NOT to be extended by then, and miss out on the credit. If their agent, say, had told them what the OP says, they'd be in a position of possibly being legally (as well as morally) liable for their client losing out on the credit.

[zulu400]

Technically for the sake of argument... of course the bill may not pass, but lets say we all get to bet $1000 of our real money on the decision....
My $1000 is for "Its already a law".... its easy to say anything, but if it comes to losing money, you will try to put it where you think is safe.

For the examples where people cite that this did not pass, or that did not pass.... show me recent examples where it was 100% for votes in the senate and then it got shot down..... 60-40, or 55-45 etc... yeah I'll agree its iffy.... after a 98-0 vote.... please present your arguments.

Note: Please refrain from using the "Veto" word.

[dspguy]

It will pass because its the "feel good thing." Politicians want to show they want to help out the "little guy"and most Americans believe that it will help the housing market.

Americans are stupid.

There I said it! Now, let me do something un-American and put an extra 1% of my paycheck into savings.

[rjrcm]

Originally Posted by HeatherLynn822

If you are staking your purchase decision on the $8K credit.... you probably shouldn't be buying a home to begin with!

Probably true. BTW, it did pass the House today. A signature away from being better than almost official.

[broadbill]

This is awesome news...Unless you were one of those folks (like me) who bought a house in 2008....I also got a tax credit, but I get to pay it back! If I would have waited 6 months, I could have had $8000 free and clear.

It would have been nice if the legislature would have "grandfathered" those of us who bought in 2008 in addition to extending this credit to people getting ready to buy. boo.

[zulu400]

Originally Posted by rjrcm

Probably true. BTW, it did pass the House today. A signature away from being better than almost official.

Wow, that was fast.... !!

[rjrcm]

Originally Posted by broadbill

...It would have been nice if the legislature would have "grandfathered" those of us who bought in 2008 in addition to extending this credit to people getting ready to buy. boo.

Join the crowd. That's what those who purchased under the $7500 "loan" program said when the $8K no-payback plan 1st came out.

[aliveandwellinSA]

Then there are those of us that bought a house, not first time buyers, and is all we got was the middle finger.

[nikorock28]

Originally Posted by broadbill

This is awesome news...Unless you were one of those folks (like me) who bought a house in 2008....I also got a tax credit, but I get to pay it back! If I would have waited 6 months, I could have had $8000 free and clear.

It would have been nice if the legislature would have "grandfathered" those of us who bought in 2008 in addition to extending this credit to people getting ready to buy. boo.

Why stop in 2008? Why shouldn't those in 2007, 2006 or even 2005 not be grandfathered in as well? Be very glad you bought a home in 2008. The first time buyers who bought at the peak in 2005/2006 and are still current in their mortgage are the ones who deserve credits.

[mckeesport_alum]

Another cool thing is they raised the income cap levels...the current is $75,000 single / $150,000 married. Under this new policy, the income limits raise to $125,000 single / $225,000 married.