Closing Deadline for Tax Credits Extended
Home buyers that qualified for Federal Stimulus Home Buyer Tax Credits but have not yet reached settlement now have a little more time. The deadline for closing on such purchases has been extended until September 30, 2010. The previous deadline was June 30th. As many as 180,000 home buyers were in jeopardy of losing their tax credits had Congress not extended the deadline.
Finally, the Senate has extended the tax credit closing deadline for buyers already under contract as of April 30, from June 30 to September 30. President Barack Obama recently signed into law a three-month extension on the deadline for home buyers to obtain a federal home buyer tax credit of up to 8,000.
Eligible taxpayers who contracted to buy a home, qualifying for the first-time home buyer tax credit before the end of April 2010, now have until September 30, 2010 to close the deal. To be eligible, buyers need to be in a binding contract that was in place by April 30.
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