IRS extends closing deadline for home buyers

Eligible taxpayers who contracted to buy a home, qualifying for the first-time home buyer credit before the end of April now have until the end of September if this year to close the deal, according to the Internal Revenue Service (IRS). On July 2,  the Homebuyer Assistance and Improvement Act of 2010  extended the closing deadline from June 30 to September 30, 2010. IRS spokesman, Mark Hanson:

Keep in mind that this extension is only for taxpayers who previously qualified for either the first time home buyer credit, or the longtime resident’s credit, and those taxpayers would have had to enter into a binding contract on a home on or before April 30 of this year.

Hanson says this extension will help those who just didn’t seem to have enough time to get through all the paperwork.

Probably one of the issues that taxpayers were facing, trying to get all of the lending paperwork together, so this extension will allow those qualifying taxpayers to go ahead and claim the money that they’re entitled to.

Hanson continues to warn taxpayers of scams:

Taxpayers should keep in mind that if they want official information about this topic from the IRS, the best source is www.IRS.gov.  Be vary wary of any other sites out there that could be giving you information that could be part of a tax scam.

The extension is for eligible homebuyers who entered into a binding purchase contract on or before April 30 to close on the purchase of the home on or before June 30, 2010.