What exactly is "Date of Purchase"? We are deciding whether to make an offer on a house now or

Profile picture for dogbert1
wait till the bill is signed.  Is the date of purchase the date of closing or when the contract is signed?  Would hate to miss out on this credit due to a technicality.
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February 09 2009 - US
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Profile picture for dogbert1
anything?  Would really like some info on this. Thanks!
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February 09 2009
Profile picture for scarybrat
I would like to know teh same.
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February 09 2009
Profile picture for Guy Ghanem
This is a great question, and one that i do not have the answer to. I did however check irs.gov and was able to come up with this:

"Q: When would I have had to buy a new home? 
A: Only purchases of a main home located in the United States qualify, and the home must have been purchased after April 8, 2008, and before July 1, 2009. For a home you construct, the purchase date is the date you first occupy the home."

This is still a vague answer unless you are buying a new home. Here is the link to the irs page: http://www.irs.gov/newsroom/article/0,,id=187935,00.html

Your best bet is to call your CPA and seek his/her advice, and let me know when you find a definite answer because this is a great question to know the answer to.

Best,

Guy.

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February 09 2009
the bill isn't law yet; nobody can answer that question at this time.
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February 09 2009
Profile picture for RealtorMLS
True the question can't be directly answered because this hasn't made it through the approval process, but the day you go to settlement is the date of purchase. The date that it is on your HUD-1 aka settlement statement is what the IRS sees. 
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February 09 2009
Profile picture for dogbert1
Hmm, just to clarify, the date of settlement is the day the lender disburses the money right?  I'm kinda new to this...
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February 10 2009
 
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