CHICO Real Estate - DEADLINE APPROACHES - $8,000 - $6,500 Tax Credit, CHICO Houses
Legislation: The Homeownership and Business Assistance Act of 2009, Nov. 6, 2009, DEADLINE APPROACHES for Buyers in the market for a primary residence to access the $6,500-$8,500 Tax Credit
Tax Credit - $8,000 max. / 10 Percent of Purchase Price ( Max. Purchase Price $800,000)
Who Qualifies - 1st Time Home Buyers
Tax Credit - $6,500 max./ 10 Percent of Purchase Price
Who Qualifies - Existing Home Owners (Owners living in their Primary Residence 5 consecutive yrs/last 8)
Purchase Deadline: Contract Signed By April 30, 2010, Close Escrow by June 30,2010
Tax Period: The Credit may be applied for 2009. 2010 tax years
Income Limits: The credit begins to phase out for Tax Payers with the following incomes: Individual Filers/ $125,000 and Joint Filers / $225,000 .
A detailed Article directly from the IRS provides additional details.
Primary Residence: While the IRS does not provide a definition for Primary Residence they do provide information to assist in making that determination.
Housing Types: Newly constructed, Single Family, Townhomes and Manufactured Homes are all considered acceptable Primary Residences.
Purchase Exceptions: Purchase transactions between family members are expressly prohibited from qualifying for the Tax Credit.
Buyers Seeking Transaction Assistance With Chico Real Estate Please Contact:
Phone: 530-370-1818 Email: steve@chainrealestate.net
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This information is provided by your Realtor, and is not a substitute for the advice of your legal or tax adviser. This information is provided as an example of the types of evaluations that are helpful, to Buyers and Sellers, when considering real estate transactions. Information deemed reliable, but not guarnanteed. CHICO Real Estate
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