Tax Docket

On Wednesday, the Senate approved legislation which allows home buyers (first-time home buyers and home buyers purchasing home for primary residence) that signed contracts by April 30 to close by September 30 in order to still be eligible for the tax credit. The tax credit is $8,000 for first time home buyers and $6,500 for home buyers purchasing a home as their new primary residence. Congress has sent the bill to President Obama.

Reuters, Senate Agrees to Extend Home Tax Credit

New York Times, Home Buyers’ Tax Credit Extended

ABC News,Congress Approves Home Tax Credit Extension

According to Reuters, lawmakers are considering legalizing gambling a placing a tax on it that would raise $42 Billion in revenue over the next decade. Here is an excerpt:

The House is considering two Internet gambling bills. One would legalize it. The other would require people to declare winnings from online gambling to U.S. tax authorities and set a 0.25 percent tax on wagers of all federally licensed bets.

While the multibillion-dollar Internet gambling industry is not illegal per se, it soon will be illegal for financial institutions to knowingly accept payment in online gaming transactions, under a law that is set to take effect in June.

That law makes an exception for fantasy football and horse racing.

If all states took part, taxing online gambling could raise about $42 billion over a decade, according to the joint congressional tax committee.

See GOP blasts idea of to tax internet gambling, The Hill’s On the Money Blog

There has been a ton of coverage about the expiring First-Time Homebuyer Credit. Here is a list of articles discussing the tax credit which ends on Friday.

Credit Check: 10 First-Time Home-buyer Credit Tax Tips from the IRS, Tax Docket

UPDATE: With Buyer Tax Credit Ending, Market Has ‘Gone Nuts’, Wall Street Journal

Tax credit end not deterring US homebuyers-survey, Reuters

Homebuyers rush to take advantage of tax credits, Associated Press