Are you letting your clients know about the $7,500 tax credit ?
There is a great opportunity for first time homebuyers to take advantage of the $7,500 first time homebuyer tax credit !! Just in the last couple of days, when we have spoke to buyers about purchasing a property, they were so pumped up to learn about this. This is a great way for realtors to educate their past clients and inform new clients about this opportunity !!
We think it is so great we just added a link on The Somers Team site - please check it out here !
In the meantime to highlight some of the items, our friend and colleague Patrick Lopez at Cardinal Financial in Philadelphia (who works in our Philadelphia office) put together this very informative flyer on the tax credit .
Highlights are as follows:
Amount of the Credit - 10 percent of the home not to exceed $7,500
Elgible Property - any single family residence (including condos) that will be used as a primary residence
Income Limit - up to $75,000 for inviduals and $150,000 for couples (there is a partial credit up to $94,999 for individuals and $169,999 for couples)
Recapture - is an interest free loan that is repaid over 15 years or when the property sells.
Effective dates - April 9, 2008 through July 1, 2009
Remember this is a tax CREDIT, not a deduction, so if someone would normall get a tax refund of $2,500, they would now get a refund of $10,000 !
If interested in buying or selling a home in Philadelphia, contact Chris and Stephanie Somers at thesomersteam@yahoo.com or 215-400-2612.
Philadelphia Real Estate - Chris and Stephanie Somers
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I do think that more buyers should be aware of this tax benefit and thanks for posting it.