Did the Tax Credit Get Extended . . .Or, Didn't It?

I keep hearing numerous people say that the tax credit has been extended; not to mention how many blogs on ActiveRain I have read writing similar findings, that the tax credit has in fact, been extended. But hold on one minute . . .it has not been extended! Yet.

Where is the discrepancy here? Has the First Time Home Buyer Tax Credit been extended or hasn't it?

As simply as I can say this: The Senate has approved the extension of the tax credit. However, it has not been been passed by the House, or signed off on by Obama. The good news here? Both parties are expected to approve the extension within the next few days; at which point, we can all start telling our buyer's with certainty and confidence, that yes, the tax credit has actually been extended!

Are there going to be any differences from the 2009 Tax Credit?

Good Question! (Thank you :) ) Yes, there are going to be a few differences, most likely. The first difference is that the tax credit would be extended to previous home owners as well, and not just those home owners that have not owned in the last three years. People that currently own a home can sell and buy for whatever reason, and be credited up to $6,500 for the purchase.

The second major difference is the qualifying income. In the future if this bill passes, the credit would be given to those making up to $125,000 individually and $225,000 jointly. For those that make even more than this, you may be able to qualify for partial amounts of the tax credit.

If you want more information pertaining to the tax credit, here is a link to an article from the LA Times that is as recent as a few hours ago! (If you are reading this when I posted it, 11/4/09). "Senate OKs Extension of Home-Buyer Tax Credit."

I hope this helps clarify where we are with the Tax Credit Extension. Tell your buyers to hurry up and make that offer because this free money won't last forever!!