As the April 30 deadline approaches to qualify for the first-time homebuyer tax credit of up to $8,000, the IRS reminds potential homebuyers that they must have a binding contract to purchase a home by that time and must close on that home by June 30.
Mark Hanson, IRS spokesman says a number of South Carolinians have already taken advantage of this offer.
As of February 20, the stats that the IRS has available indicates that more than 27,000 South Carolina taxpayers have claimed the first-time homebuyer credit resulting in them receiving more than $197 million.
Hanson says it would be a shame for any potential homebuyer to leave money on the table because they’ve missed the deadline.
If they’re in the market for a new home, and they qualify, then, certainly it’s in their interest to go ahead and claim this credit, because they could get up to $8,000 in the form of the first-time homebuyer credit, or up to $6,500 if they’re one of those people who qualify for the longtime residence credit.
Nationally, through mid-February, nearly 1.8 million Americans had filed returns to collect $12.6 billion in tax credits for homes that they purchased in 2008 and 2009.
For guidance on document requirements for purchases, visit the IRS.gov web site.