Jul 23, 2010

Tip 27-2010: Tax Credit Closing Deadline Extended

As most already know, the deadline for the completion of qualifying First-Time Homebuyer Credit purchases has been extended. Taxpayers who entered into a binding contract before the end of April now have until September 30, 2010 to close on the new or replacement home.

The Homebuyer Assistance and Improvement Act of 2010, enacted on July 2, 2010, extended the closing deadline from June 30 to Sept. 30, 2010 for eligible homebuyers who entered into a binding purchase contract on or before April 30, 2010 to close on the purchase of the home. Even though this extension should provide enough time to complete all eligible closings, we all have to stay diligent to make sure this new deadline is met.

Please contact me if you have any questions.
William D. Tucker, III
Tucker Griffin Barnes P.C.
Charlottesville, Virginia

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