First Homebuyer question

[Yitzel]

What is the name of your state (only U.S. law)? VA
Hello,
If someone enter into a purchase agreement before April 30th to buy for the first time a new townhouse that is "estimated" to be built on October, but is built on September and closes on September 2010, is he eligible for the 8000 first home buyer credit?

I am confused regarding the July 1 date on the 5405 form and on the IRS page that says:

* You must have bought — or entered into a binding contract to buy — a principal residence on or before April 30, 2010.
* If you entered into a binding contract by April 30, 2010, you must have closed (gone to settlement) on the home on or before Sept. 30, 2010 (legislation passed in July 2010 extended the June 30 deadline previously in effect).

THANK YOU!

 

[LdiJ]

What is the name of your state (only U.S. law)? VA
Hello,
If someone enter into a purchase agreement before April 30th to buy for the first time a new townhouse that is "estimated" to be built on October, but is built on September and closes on September 2010, is he eligible for the 8000 first home buyer credit?

I am confused regarding the July 1 date on the 5405 form and on the IRS page that says:

* You must have bought — or entered into a binding contract to buy — a principal residence on or before April 30, 2010.
* If you entered into a binding contract by April 30, 2010, you must have closed (gone to settlement) on the home on or before Sept. 30, 2010 (legislation passed in July 2010 extended the June 30 deadline previously in effect).

THANK YOU!

You entered into the contract before April 30th and you closed before September 30th, so you look eligible to me. There could be some issue if the contract states that the new construction won't be ready for occupancy until October, but its worth a try.

 

[FlyingRon]

I agree. If you convinced a lender to let you close without a CofO I see no reason why this wouldn't qualify. It says nothing about actually occupying the property.