I have a question about the proposed legislation for the extension of the housing tax credit.?

If the new legislation is passed and the income limitations are removed, would I be able to claim the credit even though I purchased my house earlier in the year?I have a question about the proposed legislation for the extension of the housing tax credit.?Since nothing has been passed in to law there's NO possible way to answer the question.



The odds of another credit are not that hot. Sales tend to slump during the winter months anyway, so I'd speculate that no action will be taken until late Winter or early Spring. That of course is only a guess.



The odds of a larger credit or higher income limits or removal of the first time buyer requirement are even less.



The odds that it would be retro-active to any purchases in 2009 are pretty much zero. Congress surprised everyone when the current credit was back-dated to January 1, 2009. That proves that anything CAN happen, but don't hold your breath!

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