65 Days and Counting for the Home Buyer Tax Credit!!!!

65 Days and Counting For The Tax Credit!!!!

After that, buyers will no longer be able to take advantage of the Tax Credit.  Buyers must be under contract by April 30, 2010 and close on the residence by June 30th to be able to claim the tax credit.  

Taxpayers who have not owned another principal residence at any time during the three years prior to the date of purchase are considered first-time homebuyers. For example, if you bought a home on July 1, 2008, you cannot take the credit for that home if you owned, or had an ownership interest in, another principal residence at any time from July 2, 2005, through July 1, 2008.

In addition, under a special rule, long-time homeowners who buy a replacement home after Nov. 6, 2009, or in early 2010 can also qualify. To qualify as a long-time resident, you must have owned and used the same home as your principal residence for at least five consecutive years of the eight-year period ending on the date you by your new principal residence. For an eligible taxpayer who, for example, bought a home on Nov. 30, 2009, the eight-year period would run from Dec. 1, 2001, through Nov. 30, 2009. 

If you have any questions about this great deal, please feel free to contact me, or you can the answers to many questions at the IRS website ( www.irs.gov).