Time is Ticking for the First Time Homebuyer $8,000 Tax Credit

Today is the final day of August and I can't believe where the summer has gone. Seriously it seems like it was just April not too long ago. The holidays will be here and the holiday sales before we know it. One other thing that will be here before we know it is the end of the first time homebuyer tax credit. This tax credit although there has been talk about it being extended is set to expire on December 1, 2009 which means you will have to have closed or settled on your home by November 30th. Keep in mind the tax credit is an $8,000 credit that you can use on your 2009 taxes or retroactively on your 2008 taxes by completing the proper IRS paperwork. Personally I think the credit is going to be extended once congress gets back in session however it could be like the cash for clunkers deal where they simply don't have enough money to continue the program which is a real possibility. The credit seems to be working as business has picked up pretty rapidly during the past three or four months and inventory is flying off the shelves. Don't wait until the last minute though. A typical closing takes 45 days which means you have to be under contract by mid-October. This means you most likely need to get in gear and start looking now if you are going to use it. I have attached the article link below. Time is Running Out for Your $8,000 Tax Credit!