Real Estate Blog - TAX CREDIT REFERENCE GUIDE

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TAX CREDIT REFERENCE GUIDE

We have all heard about the tax credit.. and many blogs written about this.. however I haven't seen one that breaks down the changes. So here is a format of the changes for the extension of the tax credit.. but I thought seeing it in simple form might be easier for our clients to understand.

HOMEBUYER TAX CREDIT CHANGES

FEATURE	ENACTED FEB 2009	ENACTED NOV. 2009
First Time Buyer Amount of Credit	Up to $8,000	Up to $8,000
Definition of First Time Buyer	May not have had an interest in a principal residence for 3 years prior to purchase.	Same
Current Homeowner- Amount of Credit	No Provision	Up to $6,500
Current Homeowner Definition of Eligibility	No Provision	Home being sold be have been used as primary residence for at least 5 years.
Deadline	November 30, 2009	April 30, 2010
Binding Contract Rule	None	Contract must be in place by April 30, 2010 and close by July 1, 2010
Income Limits	$75,000 Single $150,000 Married	$125,000 Single $225,000 Married
Maximum Purchase Price	None	$800,000

FOR ACCURATE INFORMATION ON REAL ESTATE.. CONTACT YOUR LOCAL AGENT

valerie osterhoudt

Info about the author:

Valerie Osterhoudt is a Cromwell Connecticut Residential Realtor who can assist you with the purchase and/or sale of real estate in the Middlesex County of CT, which includes Cromwell, Rocky Hill, Berlin, Middletown, Wethersfield, Newington, as well as all other surrounding areas. Please visit me at www.CTrealtorMLS.com for all your relocation and/or local needs.

For real estate... all you need to know, is VALERIEO

If you're thinking about buying a home in Cromwell CT there are plenty of great buys in today's market. There is no better time than now to take advantage of these homes while interest rates remain at an all time low. For more information on Cromwell CT real estate's homes and/or condos please visit Johnson Real Estate to access the newest listings.

Valerie Osterhoudt, ABR - Johnson Real Estate, Inc. - 860.883.8889 cell- valerierealtor@sbcglobal.net.

Posted by Valerie Osterhoudt, ABR ~ Cromwell, CT Real Estate ~ 860.883.8889 on 11/09/2009 01:43 PM

Comments (8)

Tax Credit Extension Breakdown in the Home Buying Channel

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Originally posted at: Valerie Osterhoudt's Blog: TAX CREDIT REFERENCE GUIDE

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8 Comments on TAX CREDIT REFERENCE GUIDE

NOV

Valerie that is a good chart, but there are going to be lots of questions in the next couple of weeks that fall into the gray areas that no one is talking about right now.

Valerie there are going to be a lot of disappointed buyers that took houses just to get in under the wire and now realize they had some additional time. The increase to allow previous owners will help some of the divorced couples that maybe could use a break. Thanks for sharing.

NOV

George.. I'm sure you will have the information for us Realtors. When you do, let me know and I will revamp this chart.

valerie osterhoudt

Ed... That is a good point. The people that are getting divorced. With all the stress that entails, this *might* help with some relief... even just a little.

valerie osterhoudt

ToulaRosebrock,com

Hi Valerie:

Good outline of the tax credit to show the changes.

It's great that they expanded it to existing homeowners. Need to get more clairification on that category however. Is it for a primary residence only...

Toula.. At this point, I'm not sure either, but George Souto, is GREAT at his job and I'm sure he will let us know when he does.

valerie osterhoudt

Valerie, the answer to Toula's question is yes, the Tax Credit only applies to primary residences for both First Time Homeowners and Existing Homeowners. No investment properties, vacation homes, or second homes.

NOV

George.. Thanks for this information, I hope Toula comes back to read this. You are always right up on everything. Thank you.

valerie osterhoudt

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