Tax Credit Extended
December 16, 2009
BREAKING NEWS! The Home Buyer Tax Credit has been extended and expanded! Now, eligible existing home owners may also qualify for a tax credit of up to $6,500! It’s the right time, right now, to sell your current home and to buy a new home.
NEW $6,500 Tax Credit for Current Home Owners* • Eligible home buyers must have lived in their current home for 5 consecutive years of the past 8 years.
• The new home does not have to cost more than the old home.
• Eligible for homes with purchase agreements written by April 30, 2010, and that close before June 30, 2010.
• Annual income caps to qualify for the full tax credit apply: $125K for single filers and $225K for joint filers. Partial tax credit can be granted for incomes up to $145K for single filers and $245K for joint filers.
The $8,000 First-Time Homebuyer Tax Credit is Extended!*
• Now, qualified first-time home buyers will qualify to receive their $8,000 tax credit if they sign a purchase contract by April 30, 2010, and close by June 30, 2010.
• The home purchased must be their primary residence.
• Qualified buyers cannot have owned a home during the past three years.
• Tax credit is up to 10% of the home value (not to exceed $8,000).
• Annual income caps to qualify for the tax credit have increased: $125K for single filers and $225K for joint filers. Partial tax credit can be granted for incomes up to $145K for single filers and $245K for joint filers.
For more information on these tax credit opportunities view our exclusive Tax Credit informational video on our Reece and Nichols website.
We are committed to providing a remarkable home buying and selling experience to each of our clients. If you or someone you know is in a situation to change their space because of the tax credit incentives, We would be interested in talking to them.
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