The key point to remember is that under the prior rules the home
purchase needed to be finalized before December 1st, 2009. That date has
been extended to include any binding contract entered prior to April 30, 2010
as long as it closes by June 30, 2010. So any contracts that are open and
not finalized now will still qualify for the credit as they should easily meet
the new deadline dates. Rather than two separate credit with two separate
timelines, the dates have been extended out.
For any homes that close in 2010, the credit can be claimed on
the 2009 tax return, but the credit cannot be claimed until the purchase is
finalized. Also, with the new legislation existing homeowners who have
lived in a principal residence for 5 consecutive years in the previous 8 year
period and are purchasing a replacement principal residence are eligible for a
homebuyer credit of $6,500.
Dan Crider, CDPE
Real Estate Service One
6636 NE Sandy Blvd.
Portland OR 97213
cridermail@comcast.net
www.findahomeinportland.com