tax credit: $6500 Tax Credit details for repeat buyers
- 11/13/09 06:53 AM
Obama signed the bill last Friday to extend the $8000 federal tax credit - which included the exciting expansion of the new $6500 tax credit for current homeowners. Here's the basics on the new $6500 tax credit: •ü Buyer must have owned a primary residence 5 consecutive years of the 8 years prior. Not required to sell current home. •ü Purchase a new primary residence - any property type - up to $800K sales price. •ü Tax CREDIT of 10% of the sales price - up to $6500 max. - when filing or amending a return. •ü Purchase contract must be … (4 comments)
tax credit: Deadline is here: First Time Homebuyers $8000 tax credit
- 09/29/09 06:15 AM
Barring any last minute extension, the deadline is looming for the First Time Homebuyer federal tax credit. At this point, a purchase must close and fund by Nov. 30, 2009 in order to qualify. Lenders will be cutting off applications soon, to ensure being able to close and fund by November 30. In reality, Weds. Nov. 25 is the last business day prior to Nov. 30. Thanksgiving holiday weekend runs Nov. 26 - Nov. 29, and many attorney's and involved parties (i.e. HUD-1 approval on reo sales) will be closed. In addition, applications/closings are anticipated to increase during this time period. Remember the … (0 comments)
Obama signed the bill last Friday to extend the $8000 federal tax credit - which included the exciting expansion of the new $6500 tax credit for current homeowners.
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