Good News. The Senate voted unanimously to pass the Homebuyer Assistance and Improvement Act. The last minute vote on Wednesday afternoon extends the closing deadline until September 30th for people who have already qualified for the homebuyer tax credit. The original deadline was June 30th.
The National Association of Realtors has estimated that as many as 180,000 buyers who signed contracts by April 30th may have missed the June 30th closing deadline due to delayed closings.
The bill, already passed by the House on Tuesday, will now head to President Barack Obama, who is expected to sign it into law.
If you purchased your home after November 6th, 2009, you may or may not have discovered there is a problem with filing for your tax credit with the IRS. Seems the IRS has not issued the official form required to file for this latest homebuyer tax credit. It was supposed to be ready the beginning of January. Hopefully it won’t take too much longer for them to revise the old form and issue it. In the mean time, you’ll just have to wait to file for your tax credit.
It’s been reported that the IRS is having so much trouble with fraudulent claims for the original $8000 first time homebuyer tax credit that ended November 30th, 2009 that they are now requiring proof that you actually did buy a new home. Hard to believe they weren’t smart enough to ask for the “proof of purchase” from the beginning. Isn’t that how ALL rebates work?