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Closing Deadline For Homebuyer Tax Credits May Be Extended

Dennis Norman

The deadline to purchase a home to qualify for the extended home-buyer tax credit was April 30th with a deadline of June 30, 2010 to close the sale. Since the deadline to purchase I have heard from many buyers with questions and concerns as they realize that, while they made the April 30th deadline to enter enter a contract to purchase a home, they are concerned that they may not make the June 30th deadline for closing, particularly those buying a new home, and want to know if there were any options available to them to still salvage the credits.

Up until recently, the answer was no. However, now, thanks to an amendment offered to a house bill by Senators Johnny Isakson (R-GA) and Harry Reid (D-NV), known as S.Amdt 4301, and amends H.R. 4213, if passed will extend the deadline for closing on the purchase of a home to September 30, 2010. It is important to note that this bill does NOT extend the deadline to buy a home, it will remain at April 30, 2010, it just gives those buyers extra time to close on the purchase.

I’ll be following this closely and will update this post as necessary.

have filed an amendment that may be offered to a major tax and jobs bills. That bill, HR 4213, is a huge piece of legislation that would renew and extend a series of provisions (including the 15-year recovery period for leasehold improvements) through December 31, 2010.

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