First-Time Homebuyer Credit EXTENSION?

[MariaR08]

So it looks like talks are in about extending the FTHB credit into next year and possibly extending the credit to repeat homebuyers who have owned their home for at least 5 yrs.

Here's a link to the story I read:

http://www.cbsnews.com/stories/2009/10/28/ap/business/main5439255.shtml

~maria

[AuditorTurnedGood]

I heard it

this morning too. I looked at my wife and said "we're screwed again - December is year #4 for us"

ATG

[Bees Knees]

They can't extend the credit. The 2009 Form 1040 instructions are already out, and it says the credit does not apply to homes purchased after November 30, 2009.

[MariaR08]

They can't extend the credit. The 2009 Form 1040 instructions are already out, and it says the credit does not apply to homes purchased after November 30, 2009.

so they can't just revise the 1040 instructions?

[jimmcg]

so they can't just revise the 1040 instructions?

The Service will do whatever Congress tells them to do.

[Bees Knees]

so they can't just revise the 1040 instructions?

The could...but they won't.

Did you know the 2007 instructions to Form 1040 are still wrong? They still haven't revised them for new law that was signed into law after the release of the instructions and forms. Instead, IRS issued a separate publication informing the public about the changes that should be made to the instruction booklet. If you didn’t read about the new publication and changes that should be made to the 2007 instructions from some private publishing company (such as TheTaxBook), you would not know about it.

[David1980]

So now, being able to move homes, I've always eyed my neighbors house. I wonder if he like mine. Maybe we can do a home trade and both get our homebuyer credit. Don't really need to hire a mover or anything, just carry it across the street. I still don't have to provide a HUD-1 right?

[dsi]

David1980, don't count on it...by the time the sun sets at the end of the day, you'll have to provide the HUD stmt.

[JohnH]

So now, being able to move homes, I've always eyed my neighbors house. I wonder if he like mine. Maybe we can do a home trade and both get our homebuyer credit. Don't really need to hire a mover or anything, just carry it across the street. I still don't have to provide a HUD-1 right?

Don't even think about moving across the street. I did that one time when I bought a condo in the same complex I was living in. Never worked so hard in my life! It started out as "this chair isn't that heavy, I'll just carry it over". A couple of days later I felt like I needed hernia surgery.

[MariaR08]

So it looks like it passed today! If I'm reading correctly it's just awaiting the President's signature!

[AuditorTurnedGood]

Oh, for joy

So it looks like it passed today! If I'm reading correctly it's just awaiting the President's signature!

More money this country doesn't have spent helping people buy houses they either would have bought anyway or couldn't afford to begin with. Can't wait to have to pay off the tab for this down the road.

ATG

[JCH]

Is the $6,500 credit retroactive for non first-time buyers? Has anyone heard?

[MariaR08]

I don't know but I've been *trying* to follow this closely because I have a couple clients asking about it.

~maria

[jimmcg]

Is the $6,500 credit retroactive for non first-time buyers? Has anyone heard?

Per the wording in the current bill the new credit is created on the date our fearless leader signs the legislation.

[MariaR08]

I believe Obama signed the new bill today.