The $8,000 tax credit for first-time homebuyers and the $6,500 tax credit for repeat home buyers have expired. (However, service members who were on official extended duty outside of the United States for at least 90 days between Jan.1, 2009 and May 1, 2010, may qualify for a one-year extension.) The Senate is currently considering an extension of the New Energy Efficient Home Tax Credit (45L Credit) and the National Flood Insurance Program. An amendment to that bill would extend the deadline for closing on home purchases as part of the homebuyer tax credit. Here's how it would work:
- Currently, in order to qualify for the first time homebuyer tax credit, sales contracts must have been signed by April 30, 2010 and must close by June 30, 2010.
- Due to delays in completing transactions, many purchases may not be finalized before the end of this month.
- The amendment would extend the deadline for closing to September 30, 2010 on homes under contract on or before April 30.
Check back to this website for information regarding the passage of this amendment.