Posted by: Bill & Gayle McCord | February 18, 2010

Tax Credit on your Home- it’s not too late!

Extended tax credit

Extended tax credit is good news for first time and repeat home buyers alike.

The economy has hit us hard, and while some are starting to recover from the recession,many businesses and homeowners find themselves staring down a lot of debt.  The Home Buyers Tax Credit couldn’t have come at a better time.  Home sellers and potential buyers nationwide welcomed the recent news that Congress had decided to extend and greatly expand the Home Buyers tax credit in an attempt to further stimulate the economy. Not only does the new legislation extend the existing first time buyer’s credit until mid-next year, but it also creates a tax credit for qualified repeat buyers. The change in legislation will relieve home buyers scrambling to meet the original deadline and may encourage a wider range of buyers to consider purchasing a residence.

What is the Home Buyer’s Tax Credit?

The Home Buyer’s Tax Credit of up to $8000 comes in the form of HARD CASH  (not a reduction from money owed) to first time buyers.  In addition, sellers who have been in the SAME  home for 5 of the last 8 years can qualify for up to $6500  HARD CASH.

How do I qualify?

To get this money from the government, you must be under contract no later than April 30 and close no later than  June 30 of 2010.

What Has Changed with the New Law?

Deadline: Whereas the original tax credit was set to expire on December 1st, buyers now have additional time to find their dream home. Buyers must have a contract to purchase a residence in place before May 1 2010, and the deal must close before July 1, 2010 in order to take advantage of the tax credits. At this stage, no additional extensions are anticipated.

Sale Price Limit: A ceiling has now been set for the sales price of homes eligible for the tax credit. For purchases made after Nov. 6, the tax credit is only available for any homes costing less than $800,000.

The McCord Real Estate Team

We’d love to help you take advantage of this great opportunity.  Check out our website for more information, or email us at gaylemccord@kw.com.  Please pass this information to anyone you think it might help, too.  We’re never too busy for your referrals.

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Responses

  1. […] About Us ← Tax Credit on your Home- it’s not too late! […]

  2. […] 24, 2010 · Leave a Comment Hopefully, you are taking advantage of the expanded and extended Home Buyers Tax Credit.  If so, you are buying a house.  So, it might be helpful to know things NOT to do before buying […]

  3. […] one of the busiest times of year for real estate- especially with the Home Buyers Tax Credit.  We’ve talked about all the perks before, but in case you’ve forgotten, this extended and expanded tax credit includes sellers, too.  […]

  4. […] been a tough economy, and people are looking for ways to save money.  A great opportunity is the extended and expanded tax credit for home buyers .   Even if buying a home may not be on the horizon for you, you may still be looking for a way […]


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