Home Buyers Credit Question

Asked by Home Buyer, Des Moines, IA Wed Nov 18, 2009

I just reached agreement on a home purchase. However, the home needs some additional work before we can move in. I am a contracter and plan on doing it myself. When will I be able to file for the Home Buyer's Credit? When I close on the house or once I complete the home and move in?

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CCC, Home Owner, San Diego, CA
Wed Nov 18, 2009
Hi, call your accountant.
also: http://www.irs.gov/newsroom/article/0,,id=204671,00.html?portlet=7

Are you W2 or 1099? This could be a difference. You accountant is the best source of information in this case.
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Tyler Osby, Mortgage Broker Or Lender, Urbandale, IA
Wed Nov 18, 2009
Based on the rules in place, the date that the IRS will take into consideration is the "Settlement" or "Closing Date". You'll close on the home before you make the improvements, so they'll go off of the earlier date.

I hope that helps! I'm not sure if that throws an issue into your timeline?

Let me know if I can help you out! I'm the only Certified Mortgage Planner in the area.

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Nigel Chapman, Agent, Des Moines, IA
Wed Nov 18, 2009
If it is your primary residence and you qualify for the credit, then you can apply as soon as you close. I assume you will be filing an ammendment to the 2008 return.

Nigel Chapman
RE/MAX Real Estate Concepts,
Altoona, IA 50009
515 321-8094
Licensed to sell Real Estate in Iowa.
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