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Buyers rush to meet Tax Credit Deadline

Realtor Magazine Reports homebuyers are rushing to beat the November deadline for receiving $8,000 Tax Incentive. 1st Time Homebuyers must purchase their home and close on the loan/move into the home prior to November 30th, and time is running out, so many people are looking for homes creating more of a buyers market with multiple offers on properties.

Here is a link to Realtor Magazine with more information http://www.realtor.org/RMODaily.nsf/pages/News2009081701?OpenDocument

Coldwell Banker SSK Realtors

470 S. Houston Lake Rd. Warner Robins GA

John W. Cobb, REALTOR^®

Warner Robins Real Estate

(478) 953-8595 ext 272

(478) 396-2440

Posted by John Cobb, Realtor® on 08/21/2009 02:15 PM

Comments (1)

8,000 Tax Credit Deadline Is Approaching in the ActiveRain Channel

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1 Comments on Buyers rush to meet Tax Credit Deadline

AUG

You are right John, the deadline to benefit from the tax credit is December 1, 2009.

First-time homebuyers may be able to take advantage of a tax credit for homes purchased in 2008 or 2009. The credit:

Applies to purchases that close after 4/8/08, and before 12/1/09.
Applies only to homes used as a taxpayer's principal residence.
Reduces a taxpayer's tax bill or increases his or her refund, dollar for dollar.
Is fully refundable, meaning the credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax owed.

The credit is claimed using Form 5405.

IRS SOURCE: http://www.irs.gov/newsroom/article/0,,id=204671,00.html

Summary information provided by Linda Alexander, real estate agent, Sacramento, CA

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