Will end of tax credits kill the real estate recovery?

end of tax incentives could kill real estate boom
end of tax incentives could kill real estate boom

We are all used to the April 15 income tax deadline, which has come and gone. But many are now bracing for a brand new deadline: the planned termination April 30 of the government's popular tax credit for first-time home buyers.

In a news release from the National Association of Realtors, NAR President Vicki Cox Golder says, "With the fast approaching April 30 deadline to get a contract in place for the tax credit, Realtors are working harder than ever to negotiate transactions, arrange services and complete paperwork."

The government's incentive offers $8,000 credit for those buying their first homes and a $6,500 credit for current homeowners who want to change abodes, so long as they have occupied their house for the past five years.

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Tax season is here! Check out the Tax Center on AOL Finance for all the tips and tools you need to maximize your return.
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