URGENT QUESTION ! !!! RE: TAX CREDIT!!!

[Anonymous]

I'm scheduled to close tomorrow.

I know the $15k tax credit won't come into effect until the stimulus bill is signed into law.

BUT ---- is the CONTRACT DATE considered the 'date of purchase'???

My lawyer seems to think so.

I need to know if I should try to delay closing. 

[Anonymous]

I thought it was the closing date since that's when the purchase takes place but I am certainly not a lawyer.  Any easy way to figure it out would be to call the IRS.  You can ask what constitutes the purchase date for the existing credit and whatever that is would be what it is for the new credit.

[Anonymous]

The date of purchase, according to the sites I've seen, say that it's the day you close on the home.