FTHC Again

[geekgirldany]

I just want to double check. The FTHC is only available as a credit in 2009 if the home is purchased after Nov 6 and before July 6? The credit can not be taken in 2010... correct?

I have a client that is buying a house but says he really does not "need" the credit/refund this year and wanted to know if it is available for 2010 return. I told him I did not think so but would double check.

[oceanlovin'ea]

I think if you bought house in 2009 you have to take the credit in 2009.

It's a refundable credit! Who couldn't use a few extra thousand dollars in their pocket?

Tell him to take the credit and you and I will split it since he doesn't need it.

Linda

[BP.]

I haven't found a source yet, but I would think (uh-uh, that's a mistake ) that it will be available on the 2010 return, otherwise post 15 April 2010 closings not on extension would have to elect to amend their 2009 return. Some of mine don't want to extend as the lender requires a copy of the 2009 return for application process.

[taxea]

For a home purchased in 09 it would go on the 09 return....they have extended the purchase credit for homes bought by 05/31/10 and contract completed by 063010.

[Jesse]

http://www.irs.gov/newsroom/article/0,,id=204671,00.html

Under the new law, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2010 and close on the home by June 30, 2010. For qualifying purchases in 2010, taxpayers have the option of claiming the credit on either their 2009 or 2010 return.

[geekgirldany]

Thank you all for posting.

I could not find a reference myself BP. Jesse thanks for posting that link to the IRS page. It is right there. I feel like I looked at every other IRS page but never found that.

[Jesse]

Been there, done that

Thank you all for posting.

I could not find a reference myself BP. Jesse thanks for posting that link to the IRS page. It is right there. I feel like I looked at every other IRS page but never found that.

It's just that time of year!