Tax Credit Deadlines and Policy
The tax credit questions have been coming in fast and furious so I thought I would claify this to all. The first deadline is the contract acceptance and execution. Any qualified buyer must be under contact by April 30th, 2010. The second important date is closing of escrow on the property. The close of escrow must take place by close of business July 1, 2010.
There are a couple of twists that determine eligibility. If you are a first time homebuyer you will automatically qualify for an 8000.00 credit. If you are a home buyer that has an interest in a property either currently or in the past you must have used the property as a principal residence consecutively for 5 of the previous 8 years. The credit is 6500.00 or 3250.00 if married filing seperately.
Please be aware that being in contract at the last minute may and more than likely will put you in a position where you might not close on time. Choose your lender wisely as time will be of the essence and lenders will be very busy.
The last item is the question "Can I receive my tax credit this year." While I am not an accountant experts in this field have indicated you may amend your return and receive the tax credit this year. Please consult with your own accouting source for clarification on this issue. Please go to www.tombrewerjr.com for more information.
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