Homebuyers' credits for 2010

Even though we're firmly in the midst of the 2009 tax season, you may still be able to claim the homebuyer credit for a purchase made in 2010 on your 2009 tax return. The Worker, Homeownership and Business Assistance Act Of 2009, which was signed into law on November 6, 2009, extended the credit through 2010 and expanded the number of homeowners who qualify. As part of the extension, you have the option of claiming the credit for 2010 purchases on either your 2009 or 2010 return.

To qualify for the credit, you must have purchased or signed a binding contract to purchase a principal residence on or before April 20, 2010. If you sign a binding contract to purchase, your closing must be scheduled for a date on or before June 30, 2010.