Q: I heard that the $8,000 Buyer Tax Credit was extended. I am looking for a house now and could really use the incentive if I find a fixer-upper. How long do I have before it expires again?

A: The latest extension only benefits anyone who was already under agreement and was not able to make settlement by the previous deadline of June 30. Only the Federal Homebuyer Tax Credit’s closing deadline was extended to the end of September. Most homebuyers who weren’t already under contract by April 30 are out of luck unless a new tax credit is passed. continue reading »