10 things the IRS wants you to know about the First-Time Homebuyer Credit

- First-Time Homebuyer Credit has Ended -

Only Binding Contracts Dated April 30, 2010 and Prior are Eligible

The time to claim the First-Time Homebuyer Tax Credit on your 2009 tax return has ended. If you purchased or entered into a binding contract to purchase a home in 2009 or early 2010, you may be eligible to claim the First-Time Homebuyer Credit. Claiming this credit might mean a larger refund. Here are 10 things the IRS wants you to know about the First-Time Homebuyer Credit and how to claim it.

1. You must buy – or enter into a binding contract to buy – a principal residence located in the United States on or before April 30, 2010. If you enter into a binding contract by April 30, 2010, you must close on the home on or before June 30, 2010.

2. To be considered a first-time homebuyer, you and your spouse – if you are married – must not have jointly or separately owned another principal residence during the three years prior to the date of purchase.

To read the complete list, visit the IRS Newsroom

For more information about the First-Time Homebuyer Tax Credit and the documentation requirements, visit IRS.gov/recovery.