Would you refuse $8,000 cash? Buyer Credit Extension
Some first-time buyers risk losing an $8,000 tax credit if the sale and purchase of a home is not completed by June 30, 2010.
With the June 30 deadline looming for first-time homebuyer tax credits, many homeowners struggle to close the deal, while many buyers drag their feet at the risk of losing it all.
Earlier this year, after signing a binding sales contract for a home $800,000 or less, first-time buyers became qualified to receive a tax credit up to $8,000 on the purchase of a new home. Rules may vary and tax credits for service members may still be available.
However, signing the binding sales contract was only one half of the equation. The agreement requires that the buyer complete the sale and purchase of the home before July 1, June 30, the last eligible day, in order for them to receive the tax credit, which can be as much as $8,000.
Simply put, signing the binding sales contract made buyers eligible to receive the tax credit but only after completing the sale and purchase of the home, will the buyer be able to receive the tax credit.
Some first-time buyers risk a potential loss of $8,000 in income that was handed to them tax-free by the government. Sound like a deal that is too good to be true. Well, not only is this deal better than good, which means great. It’s also true, which means real.
Although Congress is working on passing another tax credit extension through September 30, a buyer cannot count on the inevitability of the bills passage, the details involved, or the final timeframe it will include.
Risking the loss of a tax credit now on the promise of an extension later is a risky as placing all your life’s savings on red on a roulette table.
September 30 is a long way from June. Buyers dragging their feet now on sealing a deal later may not only risk losing their dream house but also the $8,000 credit that could be used as a down payment on their child’s college education.
If you’d like to know more about how you can take advantage of this tax credit our more on Travis lake waterfront property, fell free to visit us at http://www.dmtx.com.
Tags: 8000 tax credit, Austin Real Estate, austin texas, home buyers cerdit, home buyers tax credit, tax credit, tax credit extension
This entry was posted on Friday, June 18th, 2010 at 12:41 pm and is filed under Travis Country. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
