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What are the dates pertaining to the non-first time homebuyer $6,500 tax credit?

I owned my previous home for 5 years on 7/31/2009.  I bought my new home on 8/12/2009.  I have a contract on my previous home and want to close by 11/30/2009.  Will I qualify for the $6,500 credit?  My income is with the guidelines.
  • November 06 2009 - Louisville
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Answers (2)

When you say you 'bought' your new home on 8/12/09 was that the date you closed on the property or the date you signed the purchase agreement with the buyers?

If you haven't already closed on the home you are buying you would qualify for the new tax credit of 6,500- assuming you meet all the other qualifications. 

For tax purposes the IRS has, in the past, considered the closing date and not the date the home went under the contract as the date you 'bought' the home
  • November 06 2009
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Here is a link to HR 3548. This is the bill that the House passed today that has the extension of the credit. They have not posted the version that was passed yet but the Congressional Registry is indicating that no changes were made to this. This was actually piggybacked onto a bill to extend unemployment benefits. The parts that apply to the Homebuyer Credit start at the bottom of page 13 and run through page 23. If you would prefer to read the actual wording like I do instead of depending on the interpretation of the media here it is.

 

http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=111_cong_bills&docid=f:h3548eas.txt.pdf

  • November 06 2009
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