Today’s Washington Business Journal: Pelosi says homebuyer credit may be extended
Pelosi says homebuyer credit may be extended
Washington Business Journal - by Jeff Clabaugh Staff Reporter
The first time homebuyer tax credit may be extended, and even expanded, according to House Speaker Nancy Pelosi.
The $8,000 credit is set to expire Dec. 1.
“Yes, there is under consideration whether we extend the first time homeowners credit,” Pelosi said at a news conference Thursday. “And the question is, would that be just first time homeowners or would you open it up to other purchasers of homes.”
The tax credit has been among incentives fueling a rise in housing sales this year. The National Association of Realtors, which last month called on Congress to extend the credit, says it has brought 1.2 million new buyers into the market.
The NAR estimates 350,000 of those buyers would not have purchased a home without the credit.
Several lawmakers, including U.S. Sen. Benjamin L. Cardin, D-Md., have called for a six month extension of the credit.
An estimated 40 percent of all homebuyers in 2009 are eligible for the credit.
Another great decision by FNMA? With so many available properties on the market, why would they want to make ...
But now at least we have a new credit for step-up buyers of $6,500.
The law defines a tax credit qualified ...
We'll see how much of a difference this makes. I hope it makes a difference, but I am not ...
10% Earnest money for cash Buyers. Another example of great decision making at FNMA! With the number of bank ...
Fannie does not have to answer to anyone. The people making the decisions are only trying to do their ...
Comment by Offer in Compromise(new comment) on 24 November 2009:
We’ll see how much of a difference this makes. I hope it makes a difference, but I am not too optimistic. When you look at all the people upside down in their homes who are trying to hang on and realize that all it takes in a lost job, job transfer, or a divorce and they are finished. I just gives me concern that there may be some downside.
Comment by Tax Lawyer(new comment) on 24 November 2009:
But now at least we have a new credit for step-up buyers of $6,500.
The law defines a tax credit qualified move-up home buyer (“long-time resident”) as a person who has owned and resided in the same home for at least five consecutive years of the eight years prior to the purchase date.
The income limit for single taxpayers is $125,000; the limit is $225,000 for married taxpayers filing a joint return. The tax credit amount is reduced for buyers with a modified adjusted gross income (MAGI) above those limits. The phaseout range for the tax credit program is equal to $20,000. That is, the tax credit amount is reduced to zero for taxpayers with MAGI of more than $145,000 (single) or $245,000 (married) and is reduced proportionally for taxpayers with MAGIs between these amounts.
We’ll see how well received this one is…