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Time Is Winding Down For Homebuyer Tax Credit In Jacksonville FL

By
Real Estate Agent with Watson Realty Corp SL3137324

Time is winding down for homebuyer tax credit in Jacksonville FL                     

 

Yeah, yeah, yeah I know, we just started a New Year here is Jacksonville FL.

So you're asking yourself, Kim why are you counting down already and we are just starting the year out? Well I just wanted to remind that a deadline is looming. You know the one I am talking about,  the home buyer tax credit. You haven't forgotten about it that quickly have you?

Well the home buyer tax credit was extended a while ago to April 30, 2010. In addition to the home buyer tax credit being extended it was also made available to current home owners. This means we need the time to sell your current home to move on to a new one. You may visit www.Itsoldin90days.com for information on getting your Jacksonville FL for Orange Park home sold in time for the tax credit deadline.

 

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I know it may seem like there is plenty of time to take advantage but if you are serious about using it the you had better get moving now. The buying process has been extended in some cases depending upon financing so the clock is ticking.

If you are ready to take advantage of this historic event please give me a call (904) 962-8404. It would be a pleasure for me to not only help you into your dream home but also help with a little extra cash.

You are also welcome to reach me via personal email Dove4homes@yahoo.com or visit my site.

Keep in mind that there is still additional funds available for down payment and closing cost assistance, up to $7,500.

Here are some of the highlights............

(Information provided by NAHB)

$8,000 First-time Home Buyer Tax Credit at a Glance

  • The $8,000 tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
  • The tax credit does not have to be repaid unless the home is sold or ceases to be used as the buyer's principal residence within three years after the initial purchase.
  • The tax credit is equal to 10 percent of the home's purchase price up to a maximum of $8,000.
  • The tax credit applies only to homes priced at $800,000 or less.
  • The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.
  • For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.
  • For homes purchased after November 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

The $6,500 Move-Up / Repeat Home Buyer Tax Credit at a Glance

  • To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.
  • The tax credit does not have to be repaid unless the home is sold or ceases to be used as the buyer's principal residence within three years after the initial purchase.
  • The tax credit is equal to 10 percent of the home's purchase price up to a maximum of $6,500.
  • The tax credit applies only to homes priced at $800,000 or less.
  • The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, the home purchase qualifies provided it is completed by June 30, 2010.
  • Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
 

Comments (2)

Duane Murphy
Expert Real Estate Partners LLC - Appleton, WI
Broker- Owner-Real Estate -

Great reminder Kim! Amazing how many people will wait till the last minute!!

Jan 05, 2010 04:36 AM
Kim Dove
Watson Realty Corp - Jacksonville, FL
Realtor - Jacksonville FL

Duane, I pray buyers don't wait around thinking there will be another extension. Besides it looks like interest rates on their way up again.

Jan 05, 2010 04:47 AM