April Buyer's Tip-Tax Credit Expiring Soon!

There's nothing certain but death and taxes. And when it comes to temporary tax credits, those aren't even all that certain.

I was chatting with one of my rebellious buddies the other day over a glass of wine and we were discussing the tax credit for first time buyers (defined, conveniently, as those who have not owned a principal residence for 3 years or more), and he said those words I HATE to hear.

"You know Larry, I'm telling people not to hurry their decision to buy a place in order to take advantage of the tax credit. It'll probably get extended again..."

Oh, my dear readers, you KNOW how much I hate that "let's wait and see" thing. So, in addition to making him pay for the wine as punishment, I told him to put on his rebel hat and "get, while the getting is good".

It also occurred to me that many folks out there aren't completely sure what's going on with the credit-how it's defined, how it's claimed, etc.

Now, it's against my rebel nature to tell people what to do and where to go (I hear you snickering, quit it!), but there are some great resources out there so people unsure of the credit can get the information first hand. As ALWAYS, read rebelliously and consult your tax advisor (Or your magic 8-Ball, if it can be trusted more) about what all this means for your situation in particular.

A good layman's discussion can found here, on a site provided by the National Association of Home Builders. It uses normal language and does a nice job of clarifying the different credits.

For those of you like pain and primary sources, the relevant IRS sections about the extensions of the credit can be found here, on the IRS site itself. I recommend taking an aspirin both before and after sorting through the legalese.

Lastly, there's some nice discussion of the extensions available via the CBS site MoneyWatch, which you can access here.

As always my Rebellious Readers, my advice is always on the Go For It side. If you are looking a home and a deal and a tax structure that works for you NOW but are hesitating to see if things get better, the odds are just as good that waiting will hurt you.

Coming Next Week...
More Shenanigans in the Banking World...

Best,
Larry