Quick question regarding Federal tax credit

Hello,

I am one of the very few lucky individuals that successfully closed a short sale with BOA before the June 30 deadline. My question is regarding my contract I entered in to on April 24 with the seller of a short sale home. Long story short, I entered in to a contract on April 24 for the sale of a short sale. On April 27 I opened escrow and deposited my earnest funds. In the process of waiting for my approval letter from Bank of America they decided to counter the original agreed upon price with an increase of 2,000. I accepted the increase on June 11 and closed escrow on June 28. My question is did the increase in asking price from BOA just kill my credit?

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Permalink Reply by Bryant Tutas on June 28, 2010 at 11:51pm

Robert. This is a question you will need to ask a CPA. BUT......my opinion is that I don't see why it would affect the tax credit. You were under contract by April 30th and closed by June 30th. That looks pretty straight forward to me.

Permalink Reply by Kent Dills on June 29, 2010 at 1:54am

Robert, I agree with Bryant's logic. But, check with a CPA who's well-versed in the tax credit to be sure.

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