Federal Tax Credit Extended - What You as a Buyer Need to Know

$8000 Federal Tax CreditTax Credits are available for both first time home buyers as well as those purchasing primary residences who have owned a home for 5 of the last 10 years. Condos, townhomes and single family homes apply and the maximum purchase price is $800,000.  Two income caps have been set:

  • If an individual makes $125,000 or higher, they will not be eligible.
  • If a couple's joint income is $225,000 or higher, they will not be eligible.


The federal tax credit application form can be found here (IRS form 5405).  

Here's a quick video version of the new federal tax credit explanation as well. (Scroll to the bottom of the web page to view the video).

This new bill is going to cost $10 billion just for the home buyer tax credit.  Here's a more detailed version of the explanation of the extended $8,000 and $6,500 federal tax credit:

 

 

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This post has been included in North Carolina Real Estate News Mecklenburg County, NC Real Estate News Charlotte, NC Real Estate News
Post is included in group: Buyer Information - What Buyers Need to Know in Today's Market
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17 Comments on Federal Tax Credit Extended - What You as a Buyer Need to Know

JAN
10
2010

Tou always do a great job of explaining things. GREAT POST!!!

Bonner
11:09am • #1
1,343,472 Points 192 Featured Posts Outside Blog Attended Rain Camp Called Shot Master
Debe, the individual and couple income limits people need to know especially if they exceed those numbers.
1:40pm • #2
312,108 Points 10 Featured Posts Localism Sponsor Hit Router

Debe ---- this is a nice job of explaining the Tax Credit Extension. I'm going to re-blog this. Thanks.

                                                                                     
                                                                                    

1:40pm • #3
159,479 Points 1 Featured Post

Great post. That video is great for consumers. Thank you NAHB!
2:51pm • #4
771,252 Points 70 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Great explanation of the rules and, thank you in advance for the reblog I am about to do :)
2:58pm • #5
629,905 Points 18 Featured Posts Localism Sponsor Outside Blog Called Shot Master

Debe,

As always a good explination of the extended tax credit.  Thank you
5:02pm • #6
325,386 Points 11 Featured Posts Outside Blog

Nice Post Debe. I'm going to reblog this as well.
6:21pm • #7
146,106 Points

Deb, good post-- very well said--simple and to the point!
7:16pm • #8
1,008,272 Points 50 Featured Posts Outside Blog Called Shot Master

Debe - This is a great breakdown of the extended tax credit.
7:56pm • #9
1,348,813 Points 38 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Debe

Thanks for sharing your insights great post.

Good luck and success.

Lou Ludwig
8:38pm • #10
JAN
11
2010
199,861 Points Localism Sponsor

It's such a good idea to continue to remind buyers and sellers about the credit and how it works.

I love your graphics, Debe.
4:49am • #11
Outside Blog

Deb,

Thank you - I'm going to re-blog.  Your posts are a delight to the eye and to the mind.

Sue
7:08am • #12
1,417,780 Points 28 Featured Posts Hit Router Called Shot Master

Great post Debe.  And before you know it time will be running out.  Only a little over 90 days to get a home under contract to take advantage o the credit.
1:20pm • #13
JAN
15
2010
1,146,151 Points 242 Featured Posts Localism Sponsor Outside Blog Hit Router Attended Rain Camp Called Shot Master

Hi Everyone!  I am so in arrears in reciprocating your wonderful comments and I do apologize!  I posted this in the hopes that the consumer has a resource from which to have any questions that they may have pertaining to the Extended Federal Tax Credit. 

It won't be long before we're doing the countdowns again either, will it?!

Have a fabulous Friday...

 
12:50am • #14
JAN
21
2010
112,426 Points

Thanks for the info on this-you did a great job of explaining it. Mind if I re-blog? I've found that the consumers need this explained over and over...
5:31am • #15
1,146,151 Points 242 Featured Posts Localism Sponsor Outside Blog Hit Router Attended Rain Camp Called Shot Master

Lisa:  Feel free to re-blog!  You're right, I get questions on this over and over again so, it's nice to have one spot in which to refer the consumer.
8:14am • #16
JUL
28
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11:49am • #17


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Debe Maxwell - Search Charlotte Homes for Sale - Charlotte NC Neighborhoods (iCharlotteRealEstate.com Savvy + Company Real Estate) Ambassador_large

Debe Maxwell - Search Charlotte Homes for Sale - Charlotte NC Neighborhoods

Charlotte, NC

More about me…

iCharlotteRealEstate.com Savvy + Company Real Estate

Address: 1920 E. 7th Street, Charlotte, NC, 28204

Office Phone: (704) 491-3310

Cell Phone: (704) 491-3310

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Author Bio: Debe Maxwell is a Certified Residential Specialist in the Charlotte Metro region with a focus on the Charlotte luxury home market. My team of agents each have their own specialty areas, a benefit to anyone buying a home in Charlotte NC.

 

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