Let’s Get Real Estate

Dear Jan: I am confused. I am a first time buyer, and first I heard that there is a $7500 tax credit for first time home buyers, now I am hearing that it is $8000. Does that mean I can use both? LG

Dear LG: Good question. Unfortunately the $7500 credit is a thing of the past, so no, you cannot use it. The $8000 credit, however, is still available but it too will expire. You must buy your home by Dec. 1 of this year in order to claim that credit. In order to do that a buyer would need to have a home under contract by about mid October so that they can close before the deadline. Typical closings take from 30 to 45 days. This is an excellent tax credit. It is like a gift of $8000 so buyers need to move on this credit. (Pun intended.) There are other rules that apply. Your local agent should know them, so give them a call sooner than later on this one.

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