Realtor Magazine Reports homebuyers are rushing to beat the November deadline for receiving $8,000 Tax Incentive. 1st Time Homebuyers must purchase their home and close on the loan/move into the home prior to November 30th, and time is running out, so many people are looking for homes creating more of a buyers market with multiple offers on properties.
Here is a link to Realtor Magazine with more information http://www.realtor.org/RMODaily.nsf/pages/News2009081701?OpenDocument
You are right John, the deadline to benefit from the tax credit is December 1, 2009.
First-time homebuyers may be able to take advantage of a tax credit for homes purchased in 2008 or 2009. The credit:
The credit is claimed using Form 5405.
IRS SOURCE: http://www.irs.gov/newsroom/article/0,,id=204671,00.html
Summary information provided by Linda Alexander, real estate agent, Sacramento, CA
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