Back on March 30th I wrote that homebuyers needed to act fast to meet the then fast approaching expiring deadline for closing on the purchase of a residence. Since then, Congress has acted once again by extending the closing deadline from June 30 to September 30, 2010, for eligible homebuyers. Again, for qualifying purchases in 2010, you have the option of claiming the credit on either your 2009 or 2010 return.
- You must have purchased, or entered into a binding contract to buy, a principal residence on or before April 30, 2010.
- If you entered into a binding contract by April 30, 2010, you must close (go to settlement) on the home on or before September 30, 2010.
Please consult your tax advisor as to the other details, requirements and qualifications that must be met to claim the credit.