Federal Tax Credit Not Extended...YET

[SLP-NYCT]

Funny how I am hearing how this was extended, it didn't. It simply passed the Senate which is good, but the Republicans are fighting it still.

We just cleared one hurdle.

[Micheal Pannell Realtor]

Do we have any details of what passed the Senate

[johndale]

I hope they can give us the details bit by bit so that we can fully understand everything regarding Tax Credit issues.

[SLP-NYCT]

Sorry for the self promo, but I have the Bloomberg Report here: http://www.slpnyct.com/federal-first...ers-credit.php

More will be coming out and I think NAR released something today as well.

Some good things are the $6,500 credit for homeowners who have lived in their current home for 5 years. Its this detail I really want to see go through as that will spur the secondary market that is currently stalled.

[Byronamus]

Thanks for the information, I will look at the report right now.

[lylej]

Not all Republicans are against the extension. There are some innovative ideas being passed around in Congress: Extension of the $8,000 until April 30, 2010, Extension until June 30, and even a $6,500 credit for all non first-time buyers. Huge cost but this is one area of stimulus we all need.

[lylej]

One more item regarding the extension: If you buy in 2010, you may apply for the credit on your 2009 tax return.

[lylej]

It is getting closer to becoming reality. The only question remaining is for how long and for whom to allow extension.

[ericamcclennyrealtor]

well, i hope it gets extended this time

[maryd]

Did you hear that it was extended for Veterans