I have been asked this question a lot in past month.  I asked my CPA exactly that question. He said that if you close before you do your  taxes,  your tax preparer can add it to your  2009 taxes, but if you file your taxes before you close you will have to do what is called and “Amended”  tax return.  So you  can receive your tax credit this year, but it will take at least 2 month to 4 months to receive  any credit from the IRS, as they will  be inundated with these and it will take them some time to get through them all. My CPA estamited as long as 4 to 6 months. 

As a reminder, here are the dates again.  You need to be under contract by April 30th and close the transaction by June 30, 2010.

Please call your tax preparer for any additional information as to the guidelines and if you qualify. As always when it comes from the Government youwill  have some red tape and hoops to jump through.

You only have 51days more to sign a  contract, for the tax credit to apply, so g0 house hunting soon, the clock is ticking!

Happy house hunting.

Delita Cordes

D and D Realty Group

541-475-3030