Comments on: Home buyer tax credit extension update; House Passes Bill…On to President for approval

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By: Dennis Norman

Dennis Norman — Thu, 17 Jun 2010 22:25:51 +0000

Homebuyer Tax Credit Update – For buyers that did enter into a contract on or before the extended deadline of April 30th but are struggling to get their deal closed by the July 1st deadline, I have good news…Congress may extend the deadline for closing until September 30th….a bill amendment doing just this passed the Senate yesterday…the underlying bill has not passed yet….complete ifo and future updates will be at:

http://realestateconsumernews.com/home-buyers/senate-passes-key-amendment-to-extend-closing-deadline-for-homebuyer-tax-credit/

By: Anne

Anne — Thu, 25 Mar 2010 03:42:22 +0000

Hi Dennis,

I recently saw the Extended Home Buyer credit info on the IRS web page:

http://www.irs.gov/newsroom/article/0,,id=215827,00.html

And it said there is a limit of $800,000 on the purchase price of the house. We bought our house in Sept. 2009, and we have an income of less than $75,000, so we qualify for the first-time home buyer credit under the rules I had read back in April 2009, for the regular (not extended) home buyer credit. However, now (March 2010) on the IRS FAQ, it says that we (personally) are eligible, but our house is NOT! Now it says that a house must be below $800,000 purchase price to qualify, and it DOES NOT SAY that this new purchase price limitation (as I would expect) only applies to the extended credit program.

http://www.federalhousingtaxcredit.com/faq1.php#11

What’s going on? Was this $800,000 limit there all along, and I just missed it somehow? Or does it only apply to the “extended” program, and the IRS just forgot to make that distinction on the web site FAQ?

Thanks!
-Anne in San Francisco