The $8,000 first-time buyer tax credit program ends in just four months.
That means buyers need to be CLOSED on their homes by NOVEMBER 30th in order to receive the tax break.
What is the home buyer tax credit? It is a tax refund for 10% of a primary home’s purchase price (up to $8K). The amount not used on your 2009 tax return will be refunded directly to you.
Who is eligible to receive the credit? First-time home buyers and those who have not owned a principal residence in the last three years prior to purchase.
Do income limits apply? Yes. The full amount is given to individuals who make up to $75K and married couples who make up to $150K per year (adjusted gross annual income). The credit amount phases out between $75K and $95K for individuals; $150K and $170K for joint filers. If you want to take advantage of the home buyer tax credit, contact us today to discuss your plans. Keep in mind it’s typically 45-60 days to close on a traditional real estate transaction (short sales can take much longer).
If you want to take advantage of the home buyer tax credit, contact us today to discuss your plans. Keep in mind it's typically 45-60 days to close on a traditional real estate transaction (short sales can take much longer).
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posted by Katie Lance, Marketing Manager, Empire Realty Associates
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