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First Time Home Buyer Tax Credit

2K views 1 reply 2 participants last post by  cleveman 
#1 ·
Has anyone looked into what documentation needs to be provided to qualify for this credit? I ask because although a contract for new construction needs to be signed by April 30th, the home needs to be completed and the homeowner moved in by June 30th... obviously it's impossible for the vast majority of custom home builders to build a home of any size in less than 2 months.

It seems like this was an oversight in the legislation because the law mentions "closing" on the home and doesn't have a different deadline from closing on an existing home vs. building a new one. New construction is an afterthought.

I can see litigation stemming from delays that cause a homeowner to lose this credit. Looks like a big mess.
 
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