Tax extenders moving (maybe) in Senate
Midyear tax tip #4:
Evaluate your estimated tax situation

First-time homebuyer tax credit extension is no sure thing

I know I just blogged about how pushing the closing date for first-time homebuyer tax credit until Sept. 30 is part of the Senate tax extenders bill.

But based on some questions and reaction I've been getting from readers and seeing in other media outlets, I must reiterate:

The proposal to give folks who had a signed home purchase contract on April 30 but couldn't close by June 30 three extra months to complete the sale is far from a done deal!

This latest change to the homebuyer credit is a Senate add-on to the House version of H.R. 4213, the American Jobs and Closing Tax Loopholes Act of 2010.

That means that eventually the two legislative bodies will have to work out an acceptable conference measure.

But the possibility of a compromise measure ever happening is a big "if" down the road. In fact, it might not happen at all since the Senate is having beau coups trouble right now passing its own version of the tax extenders.

So, as I advised in my Bankrate Taxes blog, if you had a valid signed contract to buy a home by April 30 and you meet all the first-time homebuyer tax credit's other requirements, you'd best do all you can to close on the property in the next few days to ensure you can claim it on your 2010 tax return.

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