Housing tax credit deadline approaches

The federal First-Time Home Buyer Tax Credit has been a popular incentive, but the credit is set to expire on April 30.

The incentive would offer an $8,000 tax credit towards first-time home buyers, as well as offering a $6,500 credit to homeowners who have lived in the same home for five consecutive years.

We talked with Valerie Williams, Executive Director of the South Carolina Housing Finance Agency to find out if it was too late to file.

"There is still time," insists Williams. The credit deadline means you have until the April 30 to sign and until June 30 to actually close in order to be eligible.

For those who have already filed with the IRS, Williams points towards filing an extension or just applying towards the credit for your 2010 return.

The numbers to qualify may not be as low as you think either.

"A single person could earn as much as $125,000 and still be eligible in the program," says Williams, with married couples earning up to 225,000 also able to qualify.

The credit's April deadline isn't quite so final for members of the armed forces.

"During the 2008-09 year, of if they are on duty over seas, they would qualify for an extension to file this credit," Williams adds.

The extended limit for Active military would be June 2011.

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