First Time Home Buyer Tax Credit – The Clock Is Ticking

By rerockstar • August 10th, 2009

The countdown is on.

Update: The amendment allowing for the extension and expansion did eventually pass and was signed into law by the President. You can read up on the new rules and changes in “First Time Home Buyer Tax Credit – The New Extension And Expansion.”

With the First Time Home Buyer Tax Credit set to expire in December of this year, buyers should be aware of just how much time they have to take advantage of the tax credit. The clock is ticking and if you’ve been mulling over the idea of buying your first home (or haven’t owned a home in three years) and would like to take advantage of the potential $8,000 tax credit, now is the time to really buckle down and get to work.

I’ve added a countdown widget to the right to give you an idea of how long you have to purchase a home and qualify for the First Time Home Buyer Tax Credit. One note that I made in the video that is very important is that the countdown clock is counting down to when the tax credit expires. In order to take advantage of the First Time Home Buyer Tax Credit you must close on your home before December 1, 2009. This means you need to give yourself time for the home buying process and to close on time. I suggest that you should be putting in an offer on a home no later than October 15-31 (at the very latest) in order to allow enough time to close. Closing have been delayed all to often lately and I’d hate to see someone lose their tax credit to an unplanned hold up in closing.

If you have questions about the First Time Home Buyer Tax Credit feel free to give me a call at (210) 646-HOME (if you prefer email – contact me through the website) and I will answer what I can or help you find a tax professional who can answer them. As with all tax matter, I do suggest you speak with a qualified and trusted tax adviser.

Special thanks to my friend, Ken Brand in Houston, for his original post about the countdown timer.