Fifty-three Days Remaining for Home Buyer Tax Credit!

As of today, March 8, 2010, current and prospective home buyers have 53 days left to obtain an executed purchase contract to meet the First Time Tax Credit or Move Up Tax Credit. That means if one has an accepted purchase contract on a home by April 30th of this year, and it closes by June 30th of this year, first time home buyers can file for a tax credit of up to $8,000 and step up buyers can file for one of up to $6,500.


The Worker, Homeownership, and Business Assistance Act of 2009 tax credit was extended late last year and added the step up buyer program. The tax credit applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. In cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 to qualify.