Tax Credit Countdown…contract deadline looming.

The expiration of the First Time Homebuyer tax credit is now a week away. April 30th marks the deadline to submit offers and get home purchases under contract in order to qualify for the government stimilus tax credit.

Home buyers will get an $8000 tax credit if they get under contract by April 30th and close on the home purchase before June 30th. The government extended the original program back in January to further help boost the nation’s stuggling economy and housing market.

A tax credit is different from a tax deduction. A credit will go towards the bottom line, adding a tax payment “credit” that will essentially boost a taxpayer’s return, unlike standard and itemized deductions that only provide a reduction to a person’s income and thus their income tax owed.

For buyers on the fence about the home purchase, there are many factors to consider if buying a home is the right decision for them. One thing is for certain though, there has never been more “incentive” to buy a home, when condiering lower home values, low interest rates and tax credits.

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