Approved! First-time home buyers now have until Sept. 30 2010 to close on their home purchases and qualify for the $8,000/$6500 tax credit under a new extension bill passed by Congress and signed into law by the President; but for sales that were entered into on or before April 30. This extension is for the closing date on these qualifying sales.
Per the IRS site these are the guidelines.
Deadlines
You must meet the required deadlines to be eligible to claim the credit. For other information on eligibility requirements, see our questions and answers.
You must have bought — 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 Sept. 30, 2010 (recent legislation extended the June 30 deadline previously in effect).
You must meet the required deadlines to be eligible to claim the credit. For other information on eligibility requirements, see our questions and answers.
You must have bought — 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 Sept. 30, 2010 (recent legislation extended the June 30 deadline previously in effect).
Too bad this decision doesn't enhance new sales for the rest of the summer.
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