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The Worker,
Homeownership, and Business Assistance Act of 2009 has
extended the tax credit of up to $8,000 for qualified
first-time home buyers purchasing a principal residence. It
also authorized a tax credit of up to $6,500 for qualified
repeat home buyers. Make an appointment with Stellar Choice
Real Estate to take advantage of this wonderful opportunity.
$8,000
First-time Home Buyer Tax Credit at a Glance:
- The
$8,000 tax credit is for first-time home buyers only.
For the tax credit program, the IRS defines a first-time
home buyer as someone who has not owned a principal
residence during the three-year period prior to the
purchase.
- The tax credit does not have to be repaid.
- The tax credit is equal to 10 percent of the home’s
purchase price up to a maximum of $8,000.
- The tax credit applies only to homes priced at $800,000
or less.
- The tax credit now applies to sales occurring on or
after January 1, 2009 and on or before April 30, 2010.
However, in cases where a binding sales contract is
signed by April 30, 2010, a home purchase completed by
June 30, 2010 will qualify.
- For homes purchased on or after January 1, 2009 and on
or before November 6, 2009, the income limits are
$75,000 for single taxpayers and $150,000 for married
couples filing jointly.
- For homes purchased after November 6, 2009 and on or
before April 30, 2010, single taxpayers with incomes up
to $125,000 and married couples with incomes up to
$225,000 qualify for the full tax credit.
The $6,500
Move-Up / Repeat Home Buyer Tax Credit at a Glance:
- To be eligible
to claim the tax credit, buyers must have owned and lived in
their previous home for five consecutive years out of the
last eight years.
- The tax credit does not have to be repaid.
- The tax credit is equal to 10 percent of the home’s purchase
price up to a maximum of $6,500.
- The tax credit applies only to homes priced at $800,000 or
less.
- The credit is available for homes purchased after November
6, 2009 and on or before April 30, 2010. However, in cases
where a binding sales contract is signed by April 30, 2010,
the home purchase qualifies provided it is completed by June
30, 2010.
- Single taxpayers with incomes up to $125,000 and married
couples with incomes up to $225,000 qualify for the full tax
credit.
Typically
it takes 4-6 weeks for loan approval. To qualify for the
$8,000 you must be under contract by April 30, 2010 and
closed by June 30, 2010. Don't wait... time is running out! If you are not a first
time homebuyer or meet the requirements for the
"move-up"/repeat homebuyer, spread the word to your friends and family. This is a great opportunity!
For more
information call Christie or Gina
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