Question of a 1st-time home buyer of a house of > $800K

[gwliang]

What is the name of your state (only U.S. law)? NY

Hi there,

I signed the contract to buy a single family house on 10/4/2009. The purchase price is $808,000. I am planning to close the purchase on 11/23/2009. I am a first-time home buyer, and this year I can bring our total AGI down to below $150,000.

However, the tax credit extension bill enacted on 11/6/2009 seems to give me a little trouble to claim the $8000 first-time home buyer credit. It puts a purchase price cap as $800,000.

Given the date I signed the contract, and the date I am going to close, are both before the 12/1/2009, which is the expiry of the law before the extension, can I still claim the $8000 credit?

Assume there is no other problem to prevent me from getting this tax credit.

Thanks a lot

 

[FlyingRon]

I think you're screwed. The operative date is the date you close (or for new construction the date you first occupied it).

 

[gwliang]

This is pretty ridiculous

I signed the contract on 10/4/2009, at least partly because of the tax credit I can get.

Now this is simply taken out? pretty frustrating...