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Rev. date: 03/2009


First-Time Homebuyer Credit – Purchases Made In 2009 And 2010

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Tele-Tax Topic 612
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The Housing and Economic Recovery Act of 2008 created a new refundable tax credit, beginning in 2008, for individuals who are qualified first-time homebuyers of a principle residence in the United States. Tax Topic 611 explains the general rules that apply to this credit for 2008. The American Recovery and Reinvestment Act of 2009 made changes to the credit for qualified purchases made in 2009.
Original Rule Changes For 2009:
The Worker, Homeownership, and Business Assistance Act of 2009 extended the First-time Homebuyer Credit deadline to include qualifying purchases made by taxpayers who enter into a written binding contract before May 1, 2010, to close on the purchase of a principal residence before July 1, 2010.
Rule Changes For Qualified Purchases Made After November 6, 2009:
For more information on the new rules for 2009 and 2010 you may refer to the following references on the IRS Website at www.irs.gov.: The Form 5405 Instructions, the 2009 IRS News Release (IR-2009-14, Feb. 25, 2009), the First-Time Homebuyer Credit Information Center article, and additional topics on this subject.