Changes to the First Time Homebuyer's Credit? (laws, closing, purchase)

[JustTess]

I was filling out a couple of tax forms from one of those tax software and when it came to the part about the First Time Homebuyer, it told me to wait until January 15th to complete the forms as some laws would be finalized by then.

This made me curious about closing your house before November 1st. I thought if you did close before the deadline, you could get up to $8k back. Why wait to fill out the form?

Would this also change the original amouth of $8k I thought I would get back to the $6.5k proposed (?) if you closed before summer this year?

[blackandproud]

Originally Posted by JustTess

I was filling out a couple of tax forms from one of those tax software and when it came to the part about the First Time Homebuyer, it told me to wait until January 15th to complete the forms as some laws would be finalized by then.

This made me curious about closing your house before November 1st. I thought if you did close before the deadline, you could get up to $8k back. Why wait to fill out the form?

Would this also change the original amouth of $8k I thought I would get back to the $6.5k proposed (?) if you closed before summer this year?

I believe if your including the first time homebuyers credit to your 2009 taxes instead of amending your 2008 taxes, you will need to wait until January 15th to do an electronic file. There will be no changes for you if you qualified previously.

[rjrcm]

Originally Posted by JustTess

...Would this also change the original amouth of $8k I thought I would get back to the $6.5k proposed (?) if you closed before summer this year?

First-time homebuyers can get up to $8K (10% of purchase price max $8K). With the changes in effect after Nov 6, 2009, current homeowners can get up to $6.5K if they lived in their previous home 5 of the last 8 years.

[evilnewbie]

When does it expire?