Thinking of selling your Bergen County, NJ home?
Put your home on the market asap so buyers can qualify for the tax credit.
The Extended Home Buyer Tax Credit deadline is soon approaching. A buyer that qualifies for the credit must have a binding contract by April 30th and close by June 30th.
Maximum allowable credit for First time buyers is $8,000. The maximum for repeat buyers is $6,500.
A first time buyer (or his or her spouse) may not have owned a residence during 3 years prior to the purchase.
A repeat buyer means the current home owner(s) must have used the home being sold or vacated as a principal residence for 5 consecutive years within the last 8 years.
Income limits - taxpayers with modified adjusted gross incomes up to $125,000 or $225,000 for joint filers should qualify for $8,000. Those with MAGI between $125,000 & 145,000 or $225,000 & $245,000 for joint filers are eligible for a credit, but for a reduced credit amount. Always check with a tax expert about your qualifications.
If you are considering selling your home, put it on the market now so that a buyer will have a greater incentive to buy a home. We don't know what will happen after the credit deadline expires.
Thinking of selling your Bergen County, NJ home, call Jeana Cowie of Re/Max Real Estate Ltd. 201-982-2200, or visit me on the web at www.jeanacowie.com. View all homes for sale in Bergen County on the web at: www.jeanacowie.com.
All information is subject to errors and ommissions.