The First-Time Homebuyer Credit just won’t go away, will it?

Congress has extended the deadline for the credit to Sept. 30. That means eligible taxpayers who have entered into a contract to buy a home can still take advantage of the tax credit if they close on their contracts by Sept. 30.

The previous deadline was June 30.

“The legislation gives buyers until Sept. 30 to complete their purchases and qualify for tax credits of up to $8,000 for first-time buyers and $6,500 for existing owners who move,” the Associated Press reports. Importantly, the AP adds, “The bill only allows people who already have signed contracts to finish at the later date.”

There’s a ton of great information floating around about the extension. Here’s just a handful:

• CCH has published a briefing that takes an exhaustive look at the extension, including expenditures, revenue raisers and what it all means for you.
• The IRS takes a closer look at the “special filing and documentation requirements” that apply to everyone who applies for the credit.
• WebCPA also takes a closer look at the extension.