Okay, so I'm dating myself a bit here, but I always loved ABC's Schoolhouse Rock.
Kris Wales posted a terrific post about the need for us to be responsible and, more importantly, informed before posting information that may be inaccurate, incomplete or misleading to our readers. Active Rain has been awash with posts regarding the $8,000 tax credit. As of this morning, it is my understanding that the extension of the $8,000 first-time buyer's credit is not yet LAW.
Again...the extension of this tax credit is NOT A LAW....It's just a BILL. Because of all the apparent confusion, I thought a little refresher to explain the process was in order.
While it appears that this BILL will be signed into LAW, that hasn't happened yet.
If and when it does, we can then start singing Etta James' classic "At Last" or Pink Floyd's "Money" or the timeless "Home on the Range". As Kris illlustrated in her post, misinformation can lead to one of our readers getting a visit from the "Taxman". I, for one, don't want to be responsible for that. Active Rain is a wealth of information for members and for consumers...we don't want to diminish that value by making erroneous statements, do we?
It appears that the tax credit will be extended...HOWEVER, In the meantime...let's not get ahead of ourselves.
***UPDATE 11/5/09 2:35pm EST***
The bill has now passed in the House and is on its way to the President for signature. Still not LAW, but one step closer.
President Obama signed the bill into LAW on Friday, November 6, 2009.
I strongly urge everyone to educate themselves on the LAW...there are various requirements, etc. which are very important to understand. Check here for the updated IRS publication regarding the extension.