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THE GOVERNMENT GIVETH AND THEY TAKETH AWAY

By
Real Estate Agent with Coldwell Banker Kivett Teeters CA BRE# 00693015

Since Congress passed the tax credit last February as part of the stimulus program, more than 1.4 million buyers have scrambled to take advantage of it, according to the IRS.

All a buyer had to do was file an amendment to their 2008 tax returns,  and claim their refund of 10% of the purchase price -- up to $8,000.

However, "buyer beware".....everything came to a screeching halt on November 6th 2009.

November 6th is the date that the rules changed because an extended -- and expanded -- version of the homebuyer tax credit went into effect. And that put filing for the credit on hold.

So, you may want to share this with your buyers.. We will just have to have some patience, and hopefully it will work to their advantage, sooner or later.

 

Posted by

Jean Hanley, Realtor

35 Years Experience

Coldwell Banker Kivett-Teeters

Southern California

951-553-5486

Carla Muss-Jacobs, RETIRED
RETIRED / State License is Inactive - Portland, OR

Jean, I'm a little confused.  They can still file in '10 for their '09 credit, right??  And then in '11 for this years, '10 credit?  Is amending not allowed with the new rules?

Jan 22, 2010 12:54 PM
Jean Hanley
Coldwell Banker Kivett Teeters - Hemet, CA
Specializing in Folks Who Want To Buy/Sell Homes

Carla, I'm confused as well.  I think they backed into this whole thing and don't know quite how to move forward.  lol

Jan 23, 2010 08:51 AM