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Housing Calculators

By Center for Personal Finance editors

Buying a new house is exciting--and expensive. So why not save some money on your big purchase? The good ol' U.S. Internal Revenue Service (IRS) might be able to help you do just that.

 Read the full IRS release.

 Learn more about the tax credit and the extension.

 Check out what you need to know about buying and owning a home.

According to the Credit Union National Association's (CUNA) News Now, some home buyers still may have the chance to claim a tax credit for recent home purchases. The IRS has announced a closing deadline extension until Sept. 30, 2010, for home-buyer tax credits under the Homebuyer Assistance and Improvement Act of 2010.

The tax credit applies to taxpayers who entered into binding home purchase contracts before April 30, 2010. The previous closing deadline was June 30.

Special filing and documentation requirements apply to those who are looking to claim the home-buyer credit. To avoid refund delays, those who entered into a purchase contract on or before April 30, but closed after that date, should attach to their return a copy of the pages from the signed contract showing all parties' names and signatures if required by local law, the property address, the purchase price, and the date of the contract, the IRS instructs.

Eligible home buyers also should include a copy of the settlement statement, an executed retail sales contract, or a certificate of occupancy with their tax returns.

Taxpayers must have lived in their previous home for at least five years to qualify for the tax break.

Published July 16, 2010

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