As many of you may have heard, in addition to extending the First-time Home Buyer Credit of $8,000, 
Congress also created a tax incentive for REPEAT home buyers.
To follow are the basics of the Federal Tax Credit:
EFFECTIVE DATES: Purchases made AFTER November 6, 2009, and closed by June 30, 2010. Even though you have until June 30 to close on the home, you must have a binding sales contract signed by April 30, 2010.
DO YOU QUALIFY? You must have owned and resided in the same home for at least 5 of the 8 years prior to buying your next home. Your new home must be used as your principal residence. You cannot purchase from family members or a spouse's family members.
HOW MUCH IS THE CREDIT? You will receive 10% of the purchase price up to a maximum of $6,500. Homes over $800,000 are not eligible.
DO YOU HAVE TO PAY THE CREDIT BACK? Not if you own and personally occupy the home for at least 36 months.
IS THERE AN INCOME LIMIT? Yes, $125,000 for single taxpayers and $225,000 for married taxpayers filing a joint return. There is a phase-out range for single incomes up to $145,000 and joint incomes up to $245,000.
ARE THERE ANY EXCLUSIONS? Not many! As mentioned above, homes that cost more than $800,000 aren't eligible for the credit and you must be over 18 years old to claim the credit. Those who sell their new home or stop using it as their main residence within three years would have to repay the credit.
If you thinking of selling and/or buying a home in Metro Atlanta and would like more information about the tax credit, please call Kerry Lucasse, Keller Williams Realty at 404.432.1844.
You can also visit the IRS website for more information:
2009 - 2010 Home Buyer Tax Credit - http://www.irs.gov/newsroom/article/0,,id=215791,00.html
Frequently Asked Questions - http://www.irs.gov/newsroom/article/0,,id=206293,00.html
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Posted by: Kerry Lucasse - Atlanta GA Real Estate Agent - Atlanta Home Search Team
The ATL Home Search Team is part of Keller Williams Realty,
specializing in Intown Atlanta Real Estate, Condos, Lofts and Historic Homes
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Posted by: Kerry Lucasse :: Ian Marshall Realty :: Nest Atlanta Real Estate Group
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In & Around Atlanta Real Estate Blog - Copyright 2006 - 2011 by Kerry Lucasse and the Nest Atlanta team with Ian Marshall Realty - Intown Atlanta. All information contained in this blog is deemed to be reliable but not guaranteed. If you need assistance with Intown Atlanta real estate, Kerry Lucasse and the Nest Atlanta Real Estate Group are always available to assist you with your residential real estate needs!
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