---

After more than a year and two versions, the Homebuyer Tax Credit Ends today. This means that in order for Houston, Texas area home buyers to take advantage of the generous Federal tax incentives to buy a home, you must be under contract by Midnight tonight. Your offer must have been accepted by the Seller by that time. In addition, the closing on the property must take place by June 30th to qualify.

This timeline applies to both the First Time Homebuyer Tax Credit of up to $8,000, as well as the Repeat Homebuyer Tax Credit of up to $6,500. Members of the military and certain Federal employees living outside of the United States have an extra year to claim the credit.

Th tax credit can be claimed on either your 2009 or 2010 tax return. To claim it on your 2009 retur, once you have closed on your new home, you can file IRS Form 5405 along with an executed copy of your HUD-1 Settlement Statemnt to the same office when your tax return is sent. In roughly 4-6 weeks you should receive your tax credit. If you choose to claim the credit on your 2010 return, you would simply attach this form to your regular tax return next year.

So now, get busy!!!