Tax Credit Explained

Tax Credit Explained

2010 First Time Homebuyers Tax Credit - Little known facts about the 2009 tax credit extension This is such great knowledge to pass along for another look... Via Jeff Belonger -- The FHA Expert.com -- FHA Loans -- FHA mortgages - USDA loans (Infinity Home Mortgage Company, Inc):

The first time homebuyers tax credit - Important Tax Filing Information

Whether you would be applying for the $8,000 tax credit or the $6,500 tax credit, you need to be aware of a few important pieces of information regarding the tax credit that was extended last year.

Important Dates : You have to be in a binding agreement of sale by April 30th, 2010. And keep in mind, it has to be signed by all parties involved and date stamp. This even means if the property is a bank owned property, that the bank has to have signed off on it also.

The purchase has to be completed/closed by June 30th, 2010.

CPA Shares Little-Known Facts About the 2009 Home Buyer Tax Credit Extension - By Doug Geissler, CPA

Doug Geissler has stated that the Internal Revenue Service is literally writing the "refund rules" as they go along. One of the main reasons for this is because of the fraud that has taken place from the previous years tax refunds. Many people were claiming the tax credit who never eevn bought a home or who had filed the tax credit under someone elses name. So overall, what you could do last year, might have changed for this years tax returns when filing for your tax credit refund.