House OKs Extension of Tax Credit Deadline

The House voted 409 to 5 in favor of extending the tax homebuyers credit for closing mortgages.

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An extension will give you until October 15 to file your actual tax return, but it doesn’t give you a break on paying your taxes.

The House. extension is an invitation for fraud, providing prospective home buyers time to back date contracts to a date before April 30 and subsequently closing on those contracts by the new.

House OKs funds, teacher tax credit for supplies House OKs extension of tax credit closing deadline In Real Estate on June 29, 2010 at 9:57 pm In a 409-5 vote , House lawmakers have passed a standalone bill that would extend for three months Wednesday’s deadline for closing on a home purchase in order to claim the federal homebuyer tax credit.

UPDATE: On Nov. 5, the House passed the Senate’s first-time home buyer credit provisions discussed in this post. Obama is expected to sign the bill, possibly as soon as Friday, Nov. 6. Read more on the final tax credit in Home buyer credit new definitions, limits The Senate finally extended unemployment benefits, with continuation of the first-time home buyer credit part of the deal late this.

It’s 2002, All Over Again: Homeownership Registers Record Drop in 2007 evolution of financing home ownership in the United States from the. mortgages were in default and home prices had dropped roughly 50 percent. very similar to the 2007-2008 time period. the five years between 2002 and 2006.. The private mortgage insurance industry recorded its best year in.

These households had home purchase contracts pending as of April 30 and had until June 30 to close on their purchases to claim the federal tax credit. Under the legislation that passed last night, these households now have until September 30 to close.

Extending the deadline for closing from June 30 to Sept. 30 would allow lenders more time to clear a backlog of 180,000 homebuyers nationwide, said amendment sponsor Sen. Harry Reid, D-Nev.

Senate extends home buyer tax credit closing deadline An extension on deadline for closing on homes with federal credits up to $8,000 has been extended to Sept. 30. (June 28, 2010) Photo Credit: AP

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