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Category: Tax
Satisfied Customers: 5884
Experience:  CPA with tax experience.
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Accoroding to all the reports , and sources I have queried

Resolved Question:

Accoroding to all the reports , and sources I have queried , the senates extension of the home buyers stimulus tax credit for buyers purchasing a new home after owning , and relinquishing their prior home of five years or more .
Explcitly states for homes purchased from Nov 06/2009 to Apr 30/2010 . My wife and closed on our home on Nov. 04/2009. Am I to beleive that we are excluded from a federal program simply beacuse our sale was completed twenty eight hours before a proposed bill was signed into law ?
Submitted: 7 years ago.
Category: Tax
Expert:  JKCPA replied 7 years ago.



Thanks for your question.


Unless Congress has a sweeping change of heart, the answer is NO. The wording in the bill goes like this, "shall apply to residences purchased after the date of the enactment of this Act." According to the bill, a $6,500 tax credit is available to non-first time home buyers who purchase between November 7th, 2009 through April 30, 2010.


On the IRS website, it says taxpayers that purchase a home after 11/6/09 will need to use the new version of the Form 5405 which is currently being revised. This new version will contain the new $6500 credit. See,,id=215791,00.html?portlet=7


Hope this helps,

Best regards,


Edited by JK_CPA on 12/2/2009 at 4:18 AM EST
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