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If a Move-Up Home Buyer entered into an agreement to buy a home prior to the new stimulus but has not yet closed on the new home, were they eligible for the $6500 tax credit?

April 26, 2017Agreement buy buyer Home move-up prior stimulus tax credit

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If a Move-Up Home Buyer entered into an agreement to buy a home prior to the new stimulus but has not yet closed on the new home, were they eligible for the $6500 tax credit?

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Yes. The move-up home buyer tax credit goes into effect for purchases after the date of enactment. There is no reference to the date the agreement was signed. The law only looks at the date of purchase, which is generally the date of closing.