Office - Realtyology, Inc.

Q. When Do I Need to Close?

To take advantage of the tax credit, you need to have a signed purchase and sale agreement or a binding offer to purchase by April 30, 2010. Then you need to close (when the transfer of title from the seller to the new purchaser has occurred) on or before June 30, 2010.

Q. Do I Have to Wait Until Next Year to Get the Credit?

Homebuyers who purchase a home in 2009 can claim the credit on either a 2008 tax return, due April 15, 2009, or a 2009 tax return, due April 15, 2010. The credit may not be claimed before the closing date. But, if the closing occurs after April 15, 2009, a taxpayer can still claim it on a 2008 tax return by requesting an extension of time to file or by filing an amended return. Likewise, when a home is purchased in 2010, the taxpayer will have the option of claiming the credit on their 2009 or 2010 tax return, so long as not claimed before the closing date.

Q. Will I Ever Have to Repay Any of the Credit Back to the Government?

If you claim the credit, but then sell the property within three years of the date of purchase, you are required to pay back the full amount of any credit, including any refund you received from it. A few exceptions apply.

Click on the “Click Here for the First Time Homebuyer $8000 Tax Credit” link above for full details, or call our office.