As if you haven't been hearing and reading about this from every real estate agent and mortgage broker on the planet: in order to meet the first hurdle of eligibility for the income tax CREDIT for being a first-time home buyer, or a repeat buyer who has lived at least 5 consecutive years out of the past 8 at the same principal residence, you MUST be bound to a purchase contract for a principal residence no later than April 30. And that transaction must close no later than June 30.
Yes, April is heavy with deadlines this year. First is the April 15 tax filing deadline, then the April 30 contract deadline for the income tax credit. Add to that the Illinois real estate brokers renewal deadline of April 30, and you have one nervous Realtor on your hands here! But I'm still having fun, folks!
If you have any hope of meeting that April 30 deadline, give me a call or drop me a line. There is serious money in the tax credit, and definitely worth pursuing.
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