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At what point do I qualify for the $8,000 tax credit?

jlindley9
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jlindley9

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We're looking at buying a newly constructed house, but at this point, it probably won't be finished until January, 2010. If we sign the contract before December 1, 2009, can we still qualify for the $8,000 federal tax credit, or does it have to close by December 1, 2009? Thanks!

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May 27 - Elk Grove

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NTETS, "Caveat Emptor"
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NTETS, "Caveat Emptor"

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nope, you need the keys. of course odds are still not terrible that congress extends it either temporarily or indefinitely at the end of the year. it really is probably the best thing they have done to address housing even if they keep trying to corrupt it into some kind of bank payoff

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June 13

Linda Strasberg, "L Strasberg"
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Linda Strasberg, "L Strasberg"

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HUD 1st time home buyer tax credit info...it's all you need to know...

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June 13

Carol Donatelli, CRS, "coltsneckhomes"
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Carol Donatelli, CRS, "coltsneckhomes"

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National Association of Realtors Power Point Presentation of the 2009 tax credit.
http://carolann.betterhomesus.com
(click on 2009 tax credit).

I understand the Association is pushing to extend credit, so stay in touch.

Best Regards,
Carol Donatelli, CRS
Broker/Realtor Associate
http://www.crs.com/msite/6575289

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Linda Strasberg, "L Strasberg"
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When it is recorded and shows you have title to the property and are given the keys. Possession must be prior to 12/1/09 to benefit for the $8K tax credit.

Will you start looking for another property now or wait for the one being built for you? Just curious.

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June 07

Michael Emery, "MikeEmery"
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Michael Emery, "MikeEmery"

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Settlement date or the date you move into the property is the day you take possession or ownership. (to add on to Lewis Corcoran's advice)

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May 27

wetdawgs
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It must close before Dec 1, 2009. Therefore, your current scenario will not qualify you for the first time buyer's credit.

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May 27

Lew Corcoran, "Lew Corcoran"
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Lew Corcoran, "Lew Corcoran"

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In order to qualify for the tax credit, you must make settlement on your new home before December 1, 2009. Simply 'signing a contract' before that date does not meet the requirements.

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May 27

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Question At what point do I qualify for the $8,000 tax credit?

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June 13

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