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Homebuyer tax credit is extended
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If you signed a contract before May 1 to buy a home, but
have been unable to close the deal, you still have time
to apply for the homebuyer tax credit. The deadline for
finalizing the paperwork on your new home has been
extended through September 30, 2010.
Here's what you need to know:
* The extension applies only if you already had a
contract in place by April 30, 2010. The new deadline
is available for first-time homebuyers and long-time
residents.
* The maximum credit remains unchanged ($8,000 for
first-time homebuyers and $6,500 for long-time
residents), as do other rules for qualifying.
* You can claim the credit on your 2009 or 2010 federal
income tax return. You'll have to complete Form 5405,
First-Time Homebuyer Credit and Repayment of the Credit,
and attach proof that you meet the requirements.
Not sure if you qualify? We can help. Please call for
more information.
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