By all measures the Home Buyer Tax Credit has been a success… The IRS has reported that 1.4 million taxpayers have claimed the first-time homebuyers credit. By year’s end, another approximately 400,000 buyers are expected to be to have taken advantage of the program.
The credit is available to taxpayers who have not owned another principal residence at any time during the three years prior to the date of purchase of a new home. Other restrictions and income limitations apply. The credit is fully refundable, which means that to the extent that the credit exceeds a taxpayer’s tax bill, they’ll receive a refund check. Even better? You don’t have to wait until April 15 to claim the refund.
But time is running out. Nearly a dozen bills have been proposed to extend the credit past the November 30, 2009 deadline. On Thursday, Senate Majority Leader Harry Reid endorsed a six-month extension. Treasury Secretary Timothy Geithner said Thursday that he hasn’t made a decision yet. And the White House economic team says it will make a recommendation to President Barack Obama by the weekend.
