The Homeownership and Business Assistance Act of 2009 which was signed into law on Nov. 6, 2009 has extended and expanded the first-time homebuyers credit. Under the new law an eligible taxpayer must buy, or enter into a binding contract to buy a principal residence on or before April 30, 2010 and close on the home by June 30, 2010.
First-time homebuyers who purchase a home in 2009 can claim the credit on either a 2008 tax return, or a 2009 tax return. The credit may not be claimed before the closing date. However, if the closing occurs after April 15, 2009 a taxpayer can still claim it on a 2008 return by requesting an extension of time to file or filing an amended return.
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