$8000 Tax Credit Extension Approved
Posted: November 10, 2009
Great News! The Homebuyer Tax Credit has been Approved for Extension, and has been Upgraded at the same time! This action will assist in fueling Soutwest Forida's real estate market. We have already seen Naples, Bonita Springs, Estero, and Fort Myers' inventory shrink over the past few months. I will keep my eye on the housing market for y'all, and let you know how this works out. Let me know if you have any questions....
First-time Homebuyer Tax Credit Extended & Expanded!
President Barack Obama has signed into law, HR 3548, the Worker,
Homeownership and Business Assistance Act of 2009. The bill
extends the present $8,000 tax credit for first-time homebuyers
through April 30, 2010.
First-time buyers can claim a credit worth $8,000 - or 10% of the
home's value, whichever is less.
Current Homeowners may qualify for a $6500 credit!
To qualify for the credit:
* The purchase must be under contract by April 30, 2010 and close by June 30th 2010.
* Buyers may not have owned a home (that was their primary residence) for the past
three years to qualify as "A first time" buyer.
* No requirement for repayment if the home is sold within the first 3 years.
* Buyers must make less than to $125,000 for single buyers and $225,000 for couples.
* Homebuyers who already own or have sold a home that was their principal residence
for five consecutive years in the past eight years are eligible for a $6,500 credit.
* The credit is refundable, meaning tax filers see a refund of the full $8,000 even if
their total tax bill - the amount of withholding they paid during the year plus
anything extra they had to pony up when they filed their returns - was less than that
amount.
* For complete details go to www.federalhousingtaxcredit.com/home.html
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