When the federal home buyer’s tax credit program finally sunsets on Thursday, more than 65,000 Floridians will have taken advantage of the incentive program, claiming more than $455 million, according to the U.S. Government Accountability Office.

Extended and amended multiple times since 2008, the federal home buyer’s tax credit meets its final deadline on Thursday, but most of South Florida’s eligible home purchasers have either already closed or given up on the prospect of making the deadline.

In order to take advantage of the most recent version of the tax credit, home buyers had to have signed a contract to buy a home by April 30. The original closing deadline for home buyers was June 30, but Congress extended that to Sept. 30 after purchasers struggled to close in time.
In the months since April, most home buyers were able to close on their purchases, claiming either $8,000 in tax credits as a first-time homeowner or $6,500 as a repeat homeowner. The frenzy that accompanied the original April deadline has been absent in recent weeks as the program fizzles out.

Read more: http://www.miamiherald.com/2010/09/30/1849452/tax-credits-come-to-a-close.html#ixzz1GzRw8aVk