If you’re thinking of buying a house, run, don’t walk, to the nearest real estate office. Time is running out for first-time homebuyers to get an $8,000 tax credit.
“We’re seeing closings take 30 to 45 days, so they’d better do it right now,” advised EiIeen Mikulecky, a Keller Williams Realty broker associate. Her latest customer will use the money to fix up his new home.
The credit is available to anyone who hasn’t owned a home in the last three years. Unlike Cash for Clunkers, the $8,000 can’t be used in the closing.
Most homebuyers will declare the credit on their 2009 tax return. If they don’t owe that much, they’ll get a tax rebate check.