Time is running out! In just 24 days the $8,000 First Time Home Buyer tax credit as well as the $6,500 Repeat Home Buyer tax credit both expire. This means you must have a ratified contract on the home you wish to purchase by midnight on April 30, 2010. Once under contract, you must settle and take ownership of the home by June 30, 2010.
Those in the military may have up to April 30, 2011 if they are or have been serving on official duty.
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The Worker, Homeownership, and Business Assistance Act of 2009 has established a tax credit of up to $6,500 for qualified move-up/repeat home buyers (existing home owners) purchasing a principal residence after November 6, 2009 and on or before April 30, 2010 (or purchased by June 30, 2010 with a binding sales contract signed by April 30, 2010).
The following questions and answers provide basic information about the tax credit. If you have more specific questions, we strongly encourage you to consult a qualified tax advisor or legal professional about your unique situation.