Housing tax credit soon expiring - NBC Right Now/KNDO/KNDU Tri-Cities, Yakima, WA |

Housing tax credit soon expiring

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KENNEWICK, Wash--  The popular housing tax credit is set to expire by the end of the month.

The tax credit gives qualifying first time home buyers $8,000 and existing home buyers $6,500 for buying a new home.  The idea is to help stimulate the housing market.

But the tax credit is soon coming to an end; the ball has to be rolling on your purchase by the end of this month. 

There is, however, a new extension: service men and women who've served at least 3 months between December 2008 and now can get an extra year to utilize the tax credit.

Experts say it's hard to tell how many homes the credit has helped sell, but it's certainly lending a hand.

"We're not finding in our market that people are saying 'I'm buying a house because of this credit'.  What we hear people saying is 'I'm buying a house because I'm moving and I think I can own a home now, but man, this credit makes it more appealing to buy now versus putting it off," says Paul Roy, manager at Coldwell Banker Tomlinson.

So what does this mean for you?  If you bought a new home last year and you have yet to file your taxes, see a specialist, you may qualify.  If you owe no money to Uncle Sam, you could see a nice check coming your way.


 

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