April 30, 2010 Is The Deadline For Purchasing A Qualifing Home
Hurry! There is still time to qualify for the first-time home buyer's tax credit for up to $8000. As long as the home buyer has a property under contract by April 30, 2010 and is scheduled to close on or before June 30, 2010, they can still qualify for the Federal tax credit.
A tax credit of up to $6500 is also available for repeat home buyers who have owned a home for five consecutive years out of the prior eight years. "There are limitations on housing prices and buyer's income, so before buyers sign on the dotted line they should read the guidelines posted at IRS.gov or check with their Realtor. All Realtors should have a copy of the guidelines in order to serve their clients more effectively which allows them to make a more informed decision." says Jim Lee, broker/owner of EXIT STRATEGIES REALTY in Edmond, Oklahoma.
"Some of the great features of The Worker, Homeownership and Business Assistance Act of 2009 are that members of the military, Foreign Service and the intelligence community now qualify. This is a great incentive for military personnel serving in Oklahoma's military bases like Tinker AFB, Fort Sill Army Base or Vance AFB and members of the FBI located in Oklahoma City. The best benefit of the Federal home buyer tax credit is that it does not have to be repaid as long as the home is occupied as the principal residence of the buyer and is not sold for a minimum of three years. " says Jim Lee.
Taxpayers can claim the home buyer tax credit on either their 2009 or 2010 taxes. They must submit a copy of the HUD-1 settlement statement along with the IRS form 5405 to claim either the first-time home buyer tax credit or the repeat home buyer tax credit.
For more information about EXIT STRATEGIES REALTY, please call 405-285-9322. EXIT STRATEGIES REALTY is located at 3925 E. Memorial Road, Edmond OK 73013.
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