First-time homebuyers who met the April 30 deadline for entering into a contract for the purchase of a home now have until September 30, 2010, to close on the contract in order to qualify for a tax credit. The closing deadline had previously been set for June 30, 2010.

The First-time Homebuyer Credit was established by the Housing and Economic Recovery Act of 2008 and was expanded and extended by legislation signed into law in November 2009. The rules and benefits for first-time homebuyers vary, depending on the date of the home purchase. The credit for 2010 purchases may be claimed on the 2010 or 2009 tax return.

To learn more about qualifications for the first-time homebuyer credit, please contact your WK tax advisor at (573) 442-6171 or (573) 635-6196. You can also see the following Internal Revenue Service Web sites for additional information.

First-time Homebuyer Credit summary and filing requirements

First-time Homebuyer Credit questions and answers