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Homebuyer Tax Credit Extension: Senate Approves To Extend $8000 Federal Home Tax Credit

06/30/2010

Those who are qualified for the first time home buyer federal tax credit can breathe a sigh of relief, for now. The United States House of Representatives has voted to give individuals three additional months to take advantage of the tax credit.

The home tax credit program deadline was July 1st, 2010 but for now individuals will be able to take advantage of the program until September 30, 2010. The extension will not help those looking for homes, but allow those who are already in the process extra time to close their deals while still receiving the $8,000 home tax credit.

Estimates are that 200,000 home buyers would be missing out on the 8,000 federal tax credit without the extension due to slow closing processing. It is important to remember that the homebuyer tax credit is not a tax deduction it is in fact a tax credit. This means that for most individuals it would show up as a tax refund.

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