Homebuyer Credit Closing Date Extended

On Friday, July 2, the President extended the closing deadline for the first-time homebuyer credit to September 30, 2010.  Previously, the deadline to close was June 30, 2010 for an eligible homebuyer who entered into a binding contract on or before April 30, 2010.  The new law affords additional time to homebuyers who have experienced difficulty obtaining financing.

As before, the home must have been under contract on or before April 30, 2010.  To avoid refund delays, it is advised that those who entered into a contract on or before April 30, but closed after that date, attach to their tax return a copy of the pages from the signed contract showing all parties names and signatures, the property address, the purchase price, and the date of the contract