First time home buyers tax credit about to expire

By
Real Estate Agent with Exit Realty Clarksville

First time home buyer tax credit about to expire

By destinyeberhardt

The first time home buyer tax credit is about to expire on April 30, 2010 and you don't want to miss this opportunity. There are some restrictions so you want to make sure that you are completely informed. For example who really qualifies as a "first time home buyer"? Anyone who has not owned a home in the past 3 years. Recently I was asked the question from a past client could their spouse qualify as a "first time buyer" since they were not on the present mortgage, and the answer was NO because they were on the deed. There are also income limits that were changed as of November 6, 2009. The new adjusted gross income is $125,000 for single and $250,000 for joint filings. The new laws also put limitations after November 2009 on "first time buyers" who are purchasing a home that was previously owned by an immediate family member. Be sure to check the irs website @ irs.gov with any questions you may have.

Remember in order to use this credit you have to be under contract by April 30,2010 with a closing date no later than June 30, 2010.

If you are looking to use this credit in purchasing a home in Clarksville, TN I would appreciate the opportunity to assist you with this process and with any questions you may have.

View ALL homes in Clarksville/Montgomery County, Tennessee or Ft.Campbell, Kentucky 

Licensed in Tennessee and Kentucky I can show you any home listed by any agent. If you know of anyone looking to buy or sale in either state please pass along my information.

For additional information contact Destiny Eberhardt @ 931-220-7791 begin_of_the_skype_highlighting              931-220-7791      end_of_the_skype_highlighting

Comments (3)

Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services

The deadline is approaching.  It really is time for buyers to start their home search...

Feb 23, 2010 03:10 PM
Tim Fry
USHUD.com - Annapolis, MD

If history is an indicator, we'll see a bump in first-time purchases running up to the deadline. Thanks for the post, Destiny.

Feb 23, 2010 03:14 PM
Roland Woodworth
eXp Realty - Clarksville, TN
eXp Realty

Destiny - April 30th will be here soon and the ones sitting on the fence may miss out if they procrastinate to long

Feb 23, 2010 03:29 PM