Comments on: Extended Home Buyer Tax Credit 2009/2010

By: Lauri Nesbit

Lauri Nesbit — Fri, 09 Apr 2010 16:29:47 +0000

Well, April 30th is approaching….any rumors about extending the credit again…or bringing it back later this year?

By: Bob in Conifer

Bob in Conifer — Sat, 07 Nov 2009 17:02:05 +0000

Hi Sylvia,

My understanding of the various guidelines is that the income restrictions are based on the Adjusted Gross Income of the year you are requesting the credit. Of course, I recommend you talk this over with your tax advisor or accountant to be sure!
-Bob

By: Sylvia

Sylvia — Sat, 07 Nov 2009 04:45:07 +0000

Question: As of what date are the income limits for the first time buyers tax credit measured? If I enter into a contract to buy a house in 2010, will the IRS look to my 2008 or 2009 tax returns for determining whether I qualify for the first time buyers tax credit?