Home Buyer Tax Credits Closing Date Extended

Congress has extended the closing date to September 30, 2010 to close on purchase agreements signed by April 30, 2010. This article posted by Saving to Invest

Keep in mind this credit is not just for first time home buyers. There is a $6,500 credit for people purchasing a new primary residence if they have lived in their previous home for five of the past eight years.

 To qualify your income is limited to $125,000 for single taxpayers and $225,000 for those filing jointly. A partial credit is also available to anyone exceeding these limits up to $20,000.

The National Association of  Home Builders has posted this list of frequently asked questions regarding the credits.

To claim your tax credit use the IRS Form 5405, don't forget that you will need to include a copy of the HUD-1 settlement statement from the closing as proof of the closing. Your title company should have a copy if you do not.

Posted by Bob Dunston




Bob Dunston

Bob Dunston

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