BrokerageIndustry News

Tax credit crunch time: Get in under the wire

The Wheel Estate Cam: Episode 22

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Episode 22: It's crunch time for the federal homebuyer tax credit program -- buyers must be under contract by the end of the day to qualify. In this Wheel Estate Cam segment, real estate broker Frank LLosa recommends some tips to get deals done on deadline day. And he offers an important cautionary note: if you have any doubts about the federal rules in place check with an attorney to make sure your deal is valid. The Internal Revenue Service instructions for the credit can be viewed at this link: Another cautionary note to follow the letter of the law: The Associated Press reported this month that about 20 percent "of all IRS examinations done by mail in the past six months were for people claiming the (homebuyer tax) credit," according to a report by National Taxpayer Advocate Nina E. Olson to a congressional committee. LLosa suggests that listing agents can work with sellers to do the legwork in preparing a suggested o...