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Home Buyers May Get More Time to Claim Tax Credit

For some people angling to claim the home-buyer tax credit, hiccups in getting to the closing table are threatening to disqualify them from getting the incentive. But a Senate amendment to the American Jobs and Closing Tax Loopholes Act of 2010 would give them more time to finalize the sale.

To qualify for the credit, buyers had to be under contract for a purchase by April 30. But under current law they have until June 30 to close on the sale.

Under the amendment, they would get an extra three months to close – useful for those who are experiencing delays in getting their mortgages approved or are somehow being affected by the many other issues that can arise and prevent a closing from occurring on time. The amendment would apply solely to buyers who entered a purchase contract by April 30...Read More

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