Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I can't find the specific answer to this question. what does "under contract" mean to qualify for the tax credit? Does it just mean an accepted offer or does the complete P&S have to be signed? We're trying to figure out the likelihood of our house selling this week (we have one very interested party).
Well, you can't have an accepted offer until the complete P&S is signed which then puts you under contract. Verbal acceptance does not count. It will have to be fully signed by April 30th (this Friday).
I just realized that every state has different norms so I did more research....
Right, I was not considering your contract differences. In AZ, the offer to purchase is included as part of the final contract, not two separate documents. You probably should ask a tax professional if your offer to purchase contract will be sufficient.
Service Members Get Extra Year for Tax Credit
Members of the U.S. military, foreign service and intelligence communities have another year to purchase a home and claim the home buyer tax credit.
Any service member who is or has been on extended duty for 90 days or more between Jan. 1, 2009 to April 30, 2010, has until April 30, 2011, to sign a sales contract and until June 30, 2011, to close on the property. Both the $8,000 first-time and the $6,500 repeat home buyer tax credits are included in the extension.
The rule that requires buyers to repay the credit if they move out of their home within three years has also been waived for qualified service members if they receive government orders to move.
Source: The National Association of Home Builders (04/26/2010)
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Offer to Purchase binding in MA
