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IRS extends homebuyer tax credit closing deadline to Sept. 30
WASHINGTON (7/8/10)--The U.S. Internal Revenue Service has announced that the closing deadline for homebuyer tax credits under the Homebuyer Assistance and Improvement Act of 2010 has been extended until Sept. 30. The tax credit applies to taxpayers that entered into binding home purchase contracts before April 30. The previous closing deadline was June 30. In a release, the IRS said that special filing and documentation requirements apply to those who are looking to claim the homebuyer credit. “To avoid refund delays, those who entered into a purchase contract on or before April 30, but closed after that date, should attach to their return a copy of the pages from the signed contract showing all parties' names and signatures if required by local law, the property address, the purchase price, and the date of the contract,” the IRS added. Eligible homebuyers should also include a copy of the settlement statement, an executed retail sales contract, or a certificate of occupancy with their returns, the IRS added. Taxpayers must have lived in their previous home for a period of at least five years to qualify for the tax break. For the full IRS release, use the resource link.
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