Good News for Buyers! The tax credit for 1st time home buyer has been extended until April 30th of next year (2010). I heard this will be the last extension from the Congress, so those who are thinking of buying a home, take advantage of this tax credit!!
This new tax credit will qualify more buyers who weren’t qualified in the last program due to their higher income. First time home buyers who file their tax as single can claim their full tax credit($8,000) if their income is less than $125,000 and the income limit for married filing joint return is $225,000.
Buyers who file their tax as single can claim their partial tax credit if the income is between $125,000 and $145,000 and for married filing jointly, the income is between $225,000 and $245,000.
For repeat buyers, who have been residing the primary residence for five years out of the last eight years and if they are purchasing as a primary residence, then they may be eligible for $6,500.
The eligibility period starts from November 6, 2009 to April 30,2010, so those first time home buyers and repeat buyers(criteria as mentioned above) purchase between these dates will qualify under new tax credit. The purchase price to qualify for this tax credit is less than $800,000.
So, what are you waiting for? If you are thinking of buying a home then take advantage of this tax credit and the best part is you don’t have to repay this credit unless you sell within three years after purchase.
At this time, you can good a deal in buying a home whether it’s a short sale or regular sale, go find out your best home in the best price range and remember always work with a good realtor who can find out a good deal for you.
If you are in bay area and would like to know more about this tax credit or have any question then don’t hesitate to stop by my office or call me at 510-366-9405, I would be happy to assist you.
Similar Posts:
- Find Out How Tax Cancellation Relief Act (Mortgage Forgiveness Relief Act of 2007) Helps Short Sale Homeowners
- Which One Is A Better Buy: Short Sale or REO?
- New FHA Guidelines For Buying A Home For Short Sale Home Owners
- Discover How Short Sale Will Help You?
- Short Sale Listings Sold In The Last 30 Days
