ralphv Posted July 14, 2010 Report Posted July 14, 2010 I have a client that took the 1st time HB credit on a home purchase in 5/2009 ($7,500)and was included in her 2008 return. Client sold the house to a related person on 12/2009 and returned the credit on 2009 return. Now client buys a new main home on 7/2010 and would like to take the credit. She would like to amend her 2009 return and get the $8K credit for her latest home purchase. Being that she had already owned a main home even though she only owned it for 7 months, in my opinion she would not qualify for the credit again. Am I correct? Quote
mlinder42 Posted July 14, 2010 Report Posted July 14, 2010 you are 100% correct she is not a first time buyer Quote
TAXBILLY Posted July 14, 2010 Report Posted July 14, 2010 >>client buys a new main home on 7/2010 and would like to take the credit<< There is no credit available for a home bought after April 30, 2010. taxbilly Quote
ralphv Posted July 14, 2010 Author Report Posted July 14, 2010 >>client buys a new main home on 7/2010 and would like to take the credit<< There is no credit available for a home bought after April 30, 2010. taxbilly Taxpayer signed contract before April 30th. Closed on 7/07/2010. Quote
Bart Posted July 14, 2010 Report Posted July 14, 2010 >>client buys a new main home on 7/2010 and would like to take the credit<< There is no credit available for a home bought after April 30, 2010. taxbilly Taxpayer signed contract before April 30th. Closed on 7/07/2010. Contract must be signed before 5/1 and closing must happen before 7/1. Quote
Jack from Ohio Posted July 14, 2010 Report Posted July 14, 2010 Contract must be signed before 5/1 and closing must happen before 7/1. July 2, 2010 President Obama signed into law an extension of the closing date to Sept 30, 2010. Quote
ralphv Posted July 14, 2010 Author Report Posted July 14, 2010 Contract must be signed before 5/1 and closing must happen before 7/1. According to the IRS website, The Homebuyer Assistance and Improvement Act of 2010 extended the purchase date requirement for homebuyers who entered into a binding contract before May 1, 2010, to purchase a home before July 1, 2010. Under the Act, these homebuyers may claim the credit if their purchase date for the home is before October 1, 2010 Quote
Bart Posted July 14, 2010 Report Posted July 14, 2010 According to the IRS website, The Homebuyer Assistance and Improvement Act of 2010 extended the purchase date requirement for homebuyers who entered into a binding contract before May 1, 2010, to purchase a home before July 1, 2010. Under the Act, these homebuyers may claim the credit if their purchase date for the home is before October 1, 2010 Oops, my bad. I knew that and forgot. Quote
ralphv Posted July 17, 2010 Author Report Posted July 17, 2010 Oops, my bad. I knew that and forgot. You are forgiven. Quote
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.