(Closed) New homebuyer extension

posted 8 years ago in Home
Post # 3
Member
2226 posts
Buzzing bee
  • Wedding: May 2010

Based on what I’ve heard, they haven’t said they’re going to extend it this time. 

Which, sucks big time!  We’re planning on buying a house in like 6 months.  We were really hoping they would extend it again.

Post # 4
Member
1209 posts
Bumble bee
  • Wedding: September 2010

From what I have heard and read it doesn’t look like they are going to.

Post # 5
Member
7082 posts
Busy Beekeeper
  • Wedding: July 2009

Fingers crossed, because we are almost ready to buy, but not quite.  The senate has been so difficult this year, though that I understand why it might not get extended.

Post # 6
Hostess
18644 posts
Honey Beekeeper
  • Wedding: June 2009

I really doubt that they are going to so I wouldn’t hold your breath.

Post # 7
Member
4024 posts
Honey bee
  • Wedding: September 2010

What I heard is that you have to be under contract by April 30, and have until June 30 to actually close on it.

Post # 8
Hostess
18644 posts
Honey Beekeeper
  • Wedding: June 2009

What Rosie said is true about the current credit.  You need to be under contract by the end of this month and close by the end of June to get the credit.

Post # 9
Member
2856 posts
Sugar bee
  • Wedding: September 2009

It would be really nice if they did but I am not worried. For some time there has been some kind of benefit for home buyers, especially first time home buyers.

Post # 10
Member
3252 posts
Sugar bee
  • Wedding: June 2010

From what I understand there’s an exception to the April 30th deadline, as long as the agreement to purchase a home is signed by April 30th, you have up to June 30th to actually close on the home. I’m not for sure. I would look it up on the irs’ website.

Post # 11
Member
4123 posts
Honey bee
  • Wedding: October 2010

Yes, the ratified agreement – accepted by both parties must be signed by April 30th. You then have 60 days, June 30th, to close. If you do not close by June 30th, you will not get the credit. If you sign a ratified agreement on May 1 you will not get the credit.

Last time it was extended it was done like RIGHT before the deadline. However, with the health care bill and current state of our gov… I wouldn’t hold my breath…. It’s used a LOT of money. 

Post # 12
Member
648 posts
Busy bee
  • Wedding: September 2010

I haven’t heard anything about it being extended.  But, I can tell you from personal experience, it takes forever to actually get the money back.  I am currently 9 months into the process, and I’ve finally been assigned a tax advocate case worker, and I’ve written to my local congressman about the fiasco I’ve had trying to get this credit.  I know another person going thru the exact same thing. 

Post # 13
Member
2392 posts
Buzzing bee
  • Wedding: December 2009

I know they are extending it an extra year for active duty military, but that’s all I’ve heard.

Post # 14
Member
1944 posts
Buzzing bee
  • Wedding: June 2009

@Soon2bS, that sucks it is has taken so long, but I just read one of your other posts on a different thread. One of the reasons is bc any time they ask for anything additonal, your request is started all over meaning you get pushed to the back. It sucks, bc I had friends and family in the same boat and it took almost as long as yours is. But they eventually got it, so it will happen with interest too!

Post # 15
Member
648 posts
Busy bee
  • Wedding: September 2010

@MissGreen, thanks for letting me know that there is hope!  I’m just so frustrated with how long this is taking.  And, when I spoke with the people in the examiner’s office where they’re processing my rerquest, I was told that they shouldn’t put your package to the back when they get your info, but that there are just so many to work that they’re overwhelmed.  I completely understand that, but to be at 9 months out and they tell you that they still can’t estimate when the process will be complete?  The tax advocate’s office also said that they would have to provide an answer much better than that.  Speaking of….I need to follow up with them again too! 

Post # 16
Member
4123 posts
Honey bee
  • Wedding: October 2010

I heard that sometimes it takes so long they owe you interest. Maybe ask your tax person about that…

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