First Time homebuyer credit

[Trnr395]

Regarding the first time homebuyer credit. I have read several articles on this but nothing that I know is 100% code. What I have read is that if you "build" a new home the date you would use for the homebuyer credit is the date that you first occupied the home. Am I correct?

Thanks

[Cathy]

Regarding the first time homebuyer credit. I have read several articles on this but nothing that I know is 100% code. What I have read is that if you "build" a new home the date you would use for the homebuyer credit is the date that you first occupied the home. Am I correct?

Thanks

Trnr395,

You are correct....the below quote from IRS.gov was the original dates, which have now been extended to 12-31-09, of course.

From IRS.gov:

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.

[TAXBILLY]

C:

Actually the credit for 2009 buys only go to November 30, 2009.

taxbilly

[Tax Prep by Deb]

C:

Actually the credit for 2009 buys only go to November 30, 2009.

taxbilly

I am beginning to think that the confusion over dates July vs. Nov is pertaining to what year you request the credit. If you are requesting it on your 2008 return the cutoff date is July, however if you will be requesting it on your 2009 return it is good thru November.

I too saw on IRS site the July deadline, but it definitely pertained to the credit for a 2009 purchase with the request for the credit being made on the 2008 return.

Deb!

[TAXBILLY]

The new law updated the July deadline.

http://www.irs.gov/newsroom/article/0,,id=204672,00.html

taxbilly