New Tax Credit Extension

[Johnny Rebel]

Can anyone explain the new tax credit extension just passed yesterday on buying a house? How is it different than it was before?

[Plate Dad]

Originally Posted by Johnny Rebel

Can anyone explain the new tax credit extension just passed yesterday on buying a house? How is it different than it was before?

Before it would be $8000.00 if this is your first home. They have included $6500.00 for those who have lived in their home for five years or more. Sure thier are a few more rules. Talk with a real estate client. Said business is up. Not setting the world on fire. But is helping.

[Johnny Rebel]

I closed on the house I just bought in October. Even though I closed on it before the new bill went/goes into law, is there anyway I could be grandfathered in to get the $6500 for owning a house for 5+ years?

[VA49er]

Originally Posted by Johnny Rebel

I closed on the house I just bought in October. Even though I closed on it before the new bill went/goes into law, is there anyway I could be grandfathered in to get the $6500 for owning a house for 5+ years?

My bet would be no.

[Plate Dad]

Originally Posted by Johnny Rebel

I closed on the house I just bought in October. Even though I closed on it before the new bill went/goes into law, is there anyway I could be grandfathered in to get the $6500 for owning a house for 5+ years?

NO! They are giving it away but be a little for real. If they did yours. I would want my $8000.00 and $6500.00. Since this is my fourth house purchase.

[Johnny Rebel]

I guess so. Sucks though.