Long-time resident tax credit for home purchase.

[Jack from Ohio]

I asked this at the end of another thread.

There have been references to information indicating that the home purchased to qualify for this credit has to be purchased AFTER Nov. 6, 2009 and before June 2010. I am unable to find the specific info from the IRS to support this.

It was my impression that any purchase in 2009 that met all the other requirements could be claimed. First-Time Homebuyer Credit

Here is a quote from the title of the news release in the link....

"First-Time Homebuyer Credit Extended to April 30, 2010; Some Current Homeowners Now Also Qualify"

Please direct me to the correct answer as this could potentially affect several of our clients.

[TAXBILLY]

Don't understand your question. The fourth paragraph of your link from IRS says:

The requirements are that you must buy, or enter into a binding contract to buy, the replacement principal residence after Nov. 6, 2009, and on or before April 30, 2010, and close on the home by June 30, 2010. Additionally, you must have lived in the same principal residence for any five-consecutive-year period during the eight-year period that ended on the date the replacement home is purchased. For example, if you bought a home on Nov. 30, 2009, the eight-year period would run from Dec. 1, 2001, through Nov. 30, 2009.

taxbilly

[TAXBILLY]

IRC Section 36.

taxbilly

[kcjenkins]

That date is for the 'new' credit for people who have been homeowmers for at least 5 of the last 8 years. The tp who qualifies as a new homebuyer does get covered for the entire year, but not the ones just now covered.