It's been a rough week for me. I went home early on Wednesday and Thursday due to a feeling of exhaustion. The September 15th filing deadline sure took a lot out of me! I am, however, enjoying doing some tax blogging.
Not too much interesting stuff today, but there are some new buzz coming out about expanding, extending, or modifying the First Time Homebuyer Credit. The Congress is worried about individuals who have purchase contracts currently but may not close due to the long due dilligence process currently required by banks.
Many homebuyers are also involved in purchasing short sales, which require bank authorization prior to the acceptance of the purchase offer. This often takes two to three months, and is entirely out of the hands of the purchasor and seller. The Congress does not want to punish well-intentioned buyers for the lack of staffing and coordination of the banks.
Regardless of the potential for an extension or modification, the current law is clear that the deadline for purchasing a home (closing papers signed and purchase recorded) is November 30, 2009. I'll do my best to keep you informed if something changes.
Tax Policy In The Trump Administration
34 minutes ago