Extended Deadline for Homebuyer Tax Credit
If you were eligible for the Homebuyer Tax Credit but did not close by June 30, 2010, Congress enacted new legislation on July 2nd extending the closing date to September 30, 2010. Under the Homebuyers Assistance and Improvement Act of 2010 buyers that were under contract by April 30, 2010 will now have until September 30, 2010 to close and still qualify for the Homebuyer Tax Credit. Under previous law, the closing date had to occur by June 30th. The requirement that the binding contract must have been entered into by April 30, 2010 remains the same.
Taxpayers claim the credit by filing form 5405 with their tax return. A copy of a properly executed settlement statement, and proof of living in your home for a 5 consecutive year period if you are claiming the credit as a long time resident, should be attached to the form. Failure to submit proper documentation may delay the issuance of a refund.
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