At this point, the $8K first time homebuyer tax credit is due to expire on December 1, 2009.
But, we’re now hearing that Congress is considering extending it AND increasing it! The new proposal will be available to ALMOST all home buyers, not just first timers. And the credit may be increased to from $8K to $15K!
We’ve also heard the IRS has decided a taxpayer can deduct interest on the first $1.1 million of a home mortgage, an increase of $100K over the earlier limit. And get this, it’s retroactive three years! This means taxpayers can file amended returns for the past three years to claim refunds for these added deductions!
Stay tuned as we hear more!
Gary and Robert