Many people still are unaware of the tax credit offered to first-time homebuyers and repeat homebuyers and the fact that it expires in 2010. April 30th is the last day to be under contract and still qualify for either the first-time homebuyer tax credit or the repeat homebuyer tax credit and you have to close by June 30th to qualify as well.
However, those who have used the tax credit or plan to are going to have to submit additional information as the program has been the target of dishonest individuals who are seeking to take advantage of assistance in purchasing a home.
The additional documentation in the first-time homebuyer tax credit or the repeat homebuyer tax credit will have to be submitted via mail along with tax forms, so filing electronically isn’t possible, however the opportunity to get a tax credit on the purchase of a home is something that makes the income tax filing process worthwhile.
With such a short amount of time before the end of the program those who wish to take advantage of the first-time homebuyer tax credit or the repeat homebuyer tax credit will have to work fast. However, there is ample opportunity for the program to aid many homeowners still as long as any homebuyer wanting to use the tax credit doesn’t wait too long.