Monday, March 8, 2010

Taxes and your House

Taxes!

Just thought I should bring this up since tax season has arrived. Congress wants to stimulate the housing market, which is lucky for those of you thinking about buying a home. This means that last fall congress approved the, Extended Home Buyer Tax Credit up until April 30, 2010. Even if you are a repeat buyer, you can now be approved for this credit.

If you are interested take a look at these facts:

            -Deadline: Binding written contract by APRIL 30TH and close by JULY 1st! (Now is really       good time to buy…)

            -Money: Maximum allowable credit for first timers is, $8,000.00, long time                         residents and repeat buyers is, $6,500.00

            -If your home is condo, town-home, co-op, or single family home, you are eligible.

            -The new law raises income limits for people who purchase homes after Nov. 6,             2009. It is now at a gross income of, 125,000 or 225,000 for joint filers. Those with higher incomes do not qualify.


If you have not owned a residence in the last three years you qualify as a first time home-buyer. If you have sold your home within the last eight years you qualify for a repeat buyer.

 Don’t let the feds take all your vacation money, be smart about what you owe!

 

Thanks to Realtor Magazine for the info…

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