Minnesota Real Estate Investors Association, Inc.


In the 11th inning, the House of Representatives finally passed the closing date extension to September 30th for the first time homebuyer’s $8,000 tax credit. This is good news as an expected 180,000 transaction that were successfully signed and finalized by the April 30th deadline that supposed to close by June 30th, didn’t close.

There are many reasons why these transactions are taking so long, but the primary reason is because the most of those transactions are short sales and getting to the closing table with short sales can be a headache to say the least. But now they have an additional 90 days to rap them up and close by September 30th. 

http://www.mikejacka.com/post/2010/01/29/Real-Estate-Investors-Need-To-Start-With-Back-Page-An-Online-Classified-Site-Primer.aspx Do you have a transaction that is still waiting to close that qualifies for the first time home buyers tax credit. Tell us your story below in the comments.

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Tax Problems7/11/2010

cpa@edisonaccounting.comBased on the huge decline in sales observed in May, the entire program should be made permanent. The housing market is going to be slow for several years without any additional government incentives.


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