Buying your first house in D.C. can be a daunting and expensive undertaking. In the past, there was a $5,000 first-time homebuyer tax credit that made the purchase worth it, but it expired in December 2011. Now D.C. Del. Eleanor Holmes Norton is working to reinstate it, reported UrbanTurf yesterday:
However, first-timers can still hold out hope. Congresswoman Eleanor Holmes Norton is working towards getting the credit re-instated, her press secretary Scott McCrary told UrbanTurf. While there is no timeline in place, the Congresswoman’s intention should be hopeful to future buyers.
There is a precedent for a retroactive credit as well; the tax credit expired before in 2009, but when it was included as part of the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010, first-timers who purchased earlier in 2010 were eligible to take advantage.
I closed on my place on December 9, 2011, allowing me to take advantage of the tax credit. It was certainly a nice gift when I filed my taxes the following year, and many friends who have since purchased have lamented its expiration.
Martin Austermuhle