Home Buyer Tax Credit and The High Cost Of Procrastination. Youtube
Congress last fall voted to extend the First Time Home Buyer Tax Credit for qualified home buyers and expand this tax credit to allow up to $6500 tax credit for qualified repeat buyers. The maximum alllowable credit of up to $8,000 for qualified first time home buyers remained. The tax credit is applicable when purchasing a primary residence and this can include townhomes, condos, co-ops, and single family residences.
Qualifications for a first time home buyer includes the purchaser or spouse not owning a residence for the three years prior to the purchase. A repeat buyer in order to qualify for a tax credit must have used the home being vacated or sold as a principle residence for five consecutive years during the previous eight years.
The income limit was raised in the new law when people who qualify purchase their home after November 6, 2009. Tax payers will have the full credit available to them with modified adjusted gross income up to $125,000 or $225,000 for joint filers. Modified adjusted gross income between $125,000 and $145,000 for single filers or $225,000 and $245,000 for joint filers will be eligible for a reduced tax credit. Incomes higher than these ranges do not qualify. To qualify a purchaser must have a contract written by April 30, 2010 and close by July 1, 2010.
Home prices are now at a great value, there is a great selection of homes for sale, interest rates are at an all time low, and with the home buyer tax credit available to qualified home purchases between now and April 30 makes it is a perfect time to buy a house. More information on the IRS Youtube video featured below.
Please verify qualifications with a tax professional prior to making a purchase. Search Western North Carolina real estate; http://www.waynesvillehomes-forsale.com/MLS_Listings_Search/page_2184434.html
David Craven
RE/MAX Mountain Realty
David@DavidCraven.com
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