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Tax Credit

What if we are under contract with the home and it closes after 30 November.  Are we still eligble for the credit?  I heard that the end of September is the cut-off date.
  • August 24 2009 - Grayslake
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Answers (4)

Congress is discussing an extension of the program. They think it will be extended and maybe for all buyers. But it is not a done deal.
  • August 25 2009
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Just to clarify....

December 1st at 12:01 A.M. is too late. (why I said you had to close before December 1st but I realize now that may be confusing).

The cutoff is indeed November 30th 2009 at the close of business. I can bet there will be closings into the wee hours of November 30th to accommodate the buyers.

Just make sure you don't wait til the end. It is anticipated that there will be a lot of stragglers and some folks may miss out. I'm curious as to how many folks waited to buy a new car only to find out they missed the boat. 
  • August 24 2009
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From what I have read you must close by the Nov. 30th deadline.  That is the IRS guideline.  Dec. 1st would be too late.  This can and may possibly change but you need to assume it will not and I would plan on closing on your new home at the very latest by the middle of November because I am sure the volume and lead times to close will get longer the closer we get to that date.
  • August 24 2009
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You have to close before December 1st 2009 to claim the credit.

The end of September is a suggested cutoff date to ensure you can close before December 1st. You would want to have a property under contract by about the end of September to ensure you will be able to meet the deadline.

http://www.irs.gov/newsroom/article/0,,id=206291,00.html
  • August 24 2009
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