With the 2009 first time home buyer tax incentives it doesn't make sense to rent in Santa Clarita! First time home buyers buying in the Santa Clarita Valley have an opportunity to take advantage of the tax credits, the low interest rates, and low home prices, all which will put them in a position to gain equity when this market turns.
If your considering to purchase a home in the Santa Clarita Valley, Jennifer & Gary Ricco at Keller Williams VIP Properties are excited to fill you in on some details about the new special tax incentives you should take advantage of, here in 2009!
Here are the new 2009 Tax Credit details.
#1 - $8,000 Federal Housing Tax Credit For First Time Buyers
#2 - $10,000 California State Tax Credit For New-Home Buyers
Here's how they work.
#1
The federal government passed legislation, included in the recent economic stimulus bill, that allowed for first time home buyers to receive an $8,000 tax credit when buying (closing on a home) anytime from January 1, 2009, through December 1, 2009. If your a first time home buyer or you've owned a home before, but not in the past three years prior to this purchase. There are some income limitations to be aware of in order to receive the full credit, such as, married couples purchasing can not make over $150,000 (modified adjusted gross income), and a single individual purchasing can't make over $75,000 (modified adjusted gross income).
The $8,000 does not have to be repaid. The first time home buyer(s) MUST use the home as their principal residence for at least 3 years, or the credit may be recaptured.
#2
Recently the California State Legislature approved a fund of $100,000,000 to be applied toward a tax credit available to anyone in California that purchases a new home that'snever been occupied previously. Simply put - brand new/new construction! The tax credit is $10,000, payable over 3 years, in the amount of $3,333, beginning with the tax year the home is purchased in.
The new home has to be purchased anywhere from March 1, 2009, through March 1, 2010. However you may not want to wait for this one! If the $100,000,000 gets exhausted prior to March 1, 2010 - then it's gone! It's first come first serve. The best part of this tax credit is that you don't even have to be a first time home buyer! The home does however have to be your primary residence, and you can't sell it for at least 2 years, or the tax credit will have to be repaid.
IF YOU'RE A 1ST TIME HOME BUYER, YOU'RE ELIGIBLE FOR BOTH THE $8,000 AND THE $10,000! THAT'S $18,000 IN TAX CREDITS FOR SOME OF YOU!
DON'T FORGET:MOST OWNERS ARE ABLE TO WRITE OFF THE INTEREST ON THEIR MORTGAGE OF THEIR PRIMARY RESIDENCE, AS WELL AS THE PROPERTY TAXES ON THEIR PRIMARY RESIDENCE! WITH ALL OF THESE TAX ADVANTAGES... YOU WOULD BE MAKING SOMEONE ELSE RICH IF YOU CONTINUE TO RENT?
Purchasing Real Estate is difficult in this market, finding a Realtor in Santa Clarita that has the skills and your best interest in heart shouldn't be. Through extensive and ongoing education, Jennifer & Gary Ricco have earned the CDPE Designation, given the market conditions many communities are facing, the need to understand distressed properties when purchasing or selling is no longer a luxury, this has become a requirement for every Realtor. Jennifer & Gary understand the full range of solutions and are ready to help you purchase your dream home. Go to Santa Clarita First Time Home Buyers.
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