Anyone considering this opportunity should be aware that time is almost up- the clock is ticking...
What do you stand to Lose?
JAMES MADALONE - FALL IS HERE!!! NEWS LETTER
Happy Fall to everyone! Soon enough the leaves will be changing color, we will see pumpkins on door steps the weather will become more brisk and we will start the hustle and bustle of holiday shopping. ...
And I , James Madalone will be preparing for my winter wedding in Quebec Canada. Yes, I am happily engaged to be married to my future wife Christine on January 30th, 2010. We will exchange vows in an Ice Chapel, part of Hotel De Glace; which is a hotel constructed yearly of ice. Coincidentally we wont be staying there; there is a lot I would do for love....but why freeze? So my days as a single gentleman will come to a close (yeah right-haven't really had those in quite some time), and also the opportunity for first time home buyer's beneficial tax credits will expire as well.
Yes, sorry to say , the First-Time Home Buyer Tax Credit Program is ending December 1, 2009
The program allows for a tax refund of up to $8,000. That money in today's standards and economy is a lot. A lot to lose. That combined with lower interest rates and great prices in a buyers market should be incentive.
To qualify:
Property can not be purchased from a family member
Buyer has not owned any primary residence in the past 36 months
Your gross income (adjusted) cannot exceed $95,000 for single buyers and for married or joint returns it cannot exceed $170,000
Information you should know :
* Tax credit is part of The American Recovery and Reinvestment Act of 2009
* This is a true tax credit verses a deduction of up to 8000 dollars or ten percent of the purchase price (whichever is less). You will need to fill out a form 5405
*keep in mind closing dates and time periods from the time of contract till closing- this gives you about two months - so get a move on it!
For more info you can go directly to http://www.irs.gov/newsroom/article/0,,id=204671,00.html
Nice Talking Once Again and please do call for any advice or service regarding real estate.
James Madalone & his amazing Team
The James Madalone Realty Group!
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