Tax Credit Deadline Extension in Jeopardy

July 31st, 2010 by Eric
Categories: News

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. Included in that number are thousands of home buyers in every state of the union, from 390 in Wyoming to 17,700 in California. These are not buyers who just entered into the market. These are buyers who previously met all the qualifications for the tax credit, but find themselves at the mercy of a workflow jam with lenders or other delays such as lapses in the National Flood Insurance Program, Rural Housing Service, and new home construction, and might not be able to complete the purchase of their homes by the current deadline. It would be a tragedy for them not to be able to complete the purchase in time to claim the credit due to the inept lending market.

Tags: IRS, tax credit, taxes

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