Buyers - Time is running out in order to receive the home buyers tax credit

By
Real Estate Sales Representative with Long Realty Company

Buyers - Time is running out in order to receive the home buyers tax credit

The $8,000 first-time homebuyer tax credit is extended

  • Now, qualified first-time home buyers would receive their $8,000 tax credit if they sign a purchase contract by April 30, 2010 and close by June 30, 2010
  • The home purchased must be their primary residence
  • Buyer cannot have owned a home during the past three years
  • Tax credit is up to 10 percent of the home's value (not to exceed $8,000)
  • Annual income caps to qualify for the tax credit will increase ($125,000 for single filers / $225,000 for joint filers). Partial tax credit can be granted for incomes up to $145,000 for single filers / $245,000 for joint filers

 

New $6,500 tax credit for current homeowners purchasing a primary residence

  • Eligible home buyers must have lived in their current home for five consecutive years of the past eight years
  • The new home's cost need not exceed the current home
  • Eligible for homes with purchase agreements written by April 30, 2010 and that close between Nov. 6, 2009 and June 30, 2010
  • Annual income caps to qualify for the tax credit will increase ($125,000 for single filers / $225,000 for joint filers). Partial tax credit can be granted for incomes up to $145,000 for single filers / $245,000 for joint filers

To learn more about obtaining the tax credit, visit the Frequently Asked Questions and Tax Credit Changes Comparison Chart.

For further information about eligibility requirements and limitations, visit www.irs.gov or www.FederalHousingTaxCredit.com.

 

Richard Lecinski

Long Realty Company

http://rlecinski.longrealty.com

              520-834-4663        

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Location:
Arizona Pima County Oro Valley
Tags:
oro valley
long realty
lecinski
8000 tax credit

Spam prevention

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainer
202,907

Richard Lecinski

Ask me a question
*
*
*
*
Spam prevention