Commercial & Residential Property Blog

Up to 180,000 home buyers will lose their tax credit through no fault of their own if Congress fails to pass an extension to the home buyer tax credit by June 30 when the closing deadline expires.

Never mind end-of-life care discussions for senior citizens. We need to have one right now about the homebuyer tax credit. The powers that be need to let this program die with dignity when its time comes rather than letting it linger. As anyone buying or selling a home knows, the government will give you a tax credit of 10 percent of the home’s purchase price up to $8,000, provided neither you nor your spouse has owned a home in the past three years. Your new digs have to be your primary residence for three years, and you can’t make more than $75,000 a year (double that if there’s two of you).

The National Association of REALTORS® is calling upon its 1.2 million members to urge Congress to extend the successful homebuyer tax credit into next year.

Since its inception earlier this year, the $8,000 first-time homebuyer tax credit has brought 1.2 million new buyers into the market—350,000 of whom would not have purchased a home without the credit, according to NAR. The credit is due to expire November 30.