The much needed tax extension has passed. The following is an excerpt from NAR:
Although the Extended Home Buyer Tax Credit expired on April 30, 2010, home buyers who signed a written, binding contract by that date and close before July 1, 2010 may still be able to claim the credit. Below you will find general information about who can claim the credit and how.
If you have specific questions or need additional information, please contact a tax professional or the Internal Revenue Service at 800-829-1040.
(June 30, 2010) Congress has passed an extension of the Homebuyer Tax Credit closing deadline, the Homebuyer Assistance and Improvement Act (H.R. 5623). The extension applies only to transactions that have ratified contracts in place as of April 30, 2010 that have not yet closed. The legislation is designed to create a seamless extension. The new closing deadline for eligible transactions is September 30, 2010. There will be no gap between June 30 and the date the President signs the bill into law. NAR worked closely with Congressional leaders on both sides of the aisle to enact this important legislation. Extending the Tax Credit Closing deadline will help provide additional stability to real estate markets across the nation.