J. Philip's Westchester Real Estate Blog: You MUST Close by July 1 for the $8000 Tax Credit

Commentary from J. Philip Faranda, REALTOR, top-producing independent Broker-Owner in Briarcliff Manor, Westchester County, NY. I serve the Hudson Valley, including Westchester, Putnam, Rockland, & Dutchess Counties. I had the privilege of closing 100 clients & customers in 2007-2008.

You MUST Close by July 1 for the $8000 Tax Credit

This is an important clarification for all home buyers who want that tax credit: While everyone is talking about the April 30 deadline for qualification, there is another deadline to be aware of, and that is July 1, 2010. You have to be in contract to purchase by April 30, 2010 and close by July 1, 2010 to qualify for the tax credit. 

April 30 and July 1. Remember those dates. 

This is the link to the NAR brief on the 2010 home buyer tax credit. 

home buyer tax credit

The important thing about this to buyers in my own market of Westchester and surrounding counties is because that gives you 60 days to close, which, in New York, should be enough time if there are no snags. 

Repeat: You do NOT have to CLOSE by April 30, you just have to be IN CONTRACT by April 30 and close by July 1 to meet the deadline for the home buyer tax credit. 

Do your homework, find the right place, get those contracts executed by April 30, and close by July 1 and it pays you $8000. Not a bad deal. 

Forewarned is forearmed! There is still time (about 90 days realistically) to find that home!

Get a head start on finding your home before April 30 with a FREE Listingbook account. Search the MLS database just like a broker. 

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2 comments • J Philip Faranda • January 17 2010 05:46PM

Comments

So that means these buyers should be out and about right now looking with me to find some right condos! In Manhattan, I would suggest them to be in contract by very least April 1, 2010 with all the condo board application and misc delays in order for them to be able to close July 1, 2010.

Posted by Eileen Hsu (許小姐) Manhattan NY Real Estate (Prudential Douglas Elliman) 6 months ago

To clarify, isn't it true that if you are under AGREEMENT by April 30, and settlemetn by June 30, you can apply the tax credit to your 2009 taxes, if you are under AGREEMENT AFTER April 30 AND settle by June 30, you can use the credit on your 2010 taxes.

Posted by Janice Roosevelt,Ecobroker, ABR, e-PRO ( - Keller Williams Real Estate -) 6 months ago

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