Homebuyer Tax Credit Extended (and Improved)
The Tax Credit Gets an Extension and an Expansion! A good move-up market just got better! The new bill calls for an incentive for existing homeowners who have owned their current homes at least five years, making them eligible for tax credits of up to $6,500 when they purchase a new home. First time homebuyers -- or anyone who hasn't owned a home in the last three years -- would still get up to $8,000. To qualify, buyers in both groups have to sign a purchase agreeement by April 30, 2010 and close by June 30. The credit is available for the purchase of principal homes costing $800,000 or less, meaning vacation homes are ineligible. The credit would be phased out for individuals with annual incomes above $125,000 and for joint filers with incomes above $225,000. The credit would be extended an additional year, until June 30, 2011, for members of the military serving outside the United States for at least 90 days. The key to returning stability to the economy lies within the housing market, and this is a meaningful credit that will create a strong foundation for future growth and make a measurable difference in our economy, and approximately 2 million people will take advantage of the tax credit this year. Furthermore, tax credits like this only work by creating a sense of urgency to take advantage of them. This is said to be the last extension of the homebuyer tax credit so I urge you -- whether you're a first time homebuyer who has always dreamed of having a home of your own, or one who has been gridlocked in the challenges of our move-up market -- to take advantage of this opportunity. Now is the time! If you'd like to learn more, please contact me today. George Cooke Click here for a reprint of this article, (by Coldwell Banker Residential Brokerage).
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| Sun Signature December 2009 Article HOME BUYERS TAX CREDIT EXTENDED AND IMPROVED Many first-time homebuyers (defined as homebuyers who have not owned a home in the last three years) benefitted from the $8000 tax credit this year. It has been a major factor in helping to get our real estate economy moving again. Fortunately, Congress has extended and expanded the credit beyond the first-time homebuyer. The new tax credit rules begin on December 1, 2009 and will end on April 30, 2010. The Tax Credit carries over seamlessly from the current program. The $8000 first-time credit remains the same at $8000 ($4000 married filing separately). The addition of the new credit for current homeowners is $6500 ($3250 married filing separately). The eligibility requirement for current homeowners is that they must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years. The income limits are $125,000 for singles and $225,000 for married couples. There is an $800,000 firm cap on the purchase amount of the new home. For additional information about this program, please visit www.GeorgeCooke.com. George Cooke is a top producing agent in the Rancho Bernardo office of Coldwell Banker. He can be reached at 858-674-1222 or by sending an email to George@GeorgeCooke.com. |
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