Wednesday, November 11, 2009

First Time Home Buyer Tax Credit Extension

Good news potential home buyers!! The first time home buyer tax credit has been extended into 2010 and now there's even a tax credit for those current home owners looking to purchase a home as well!

First Time Home Buyer Extended Tax Credit Basics:
  • The $8,000 tax credit has been extended until April 30, 2010. As long as you have a written, binding contract in force by that date you have until July 1, 2010 to close.

  • You will not have to repay this credit as long as you live in the home as your primary residence for three years or more.

  • Eligible properties include single-family homes, condos, town homes and co-ops.

  • You qualify as a first time home buyer if you or your spouse has not owned a home during the previous three years.

  • Income limits have been increased: single buyers are now eligible with income limits of up to $125,000 and married couples are eligible with income limits up to $225,000

  • This extension was put into effect on November 7, 2009

Current Home Owner Tax Credit Basics:

  • Current home owners can get a credit of up to $6,500 when they sell their primary residence and purchase another home during the November 7, 2009 to April 30, 2010 time frame

  • You qualify to get the credit if you've used the home being sold as your principal residence for five consecutive years within the last eight

  • The other factors such as which homes qualify, whether or not you have to repay the credit and the income limits are the same as the first time home buyer tax credit.

Now it's a great time to buy in Georgia whether you're a first time home buyer or one who's lived in your home for at least five consecutive years. I would love to help you buy a new home or sell your current one! If you are in the market to buy or sell your home in the Bethlehem or Dacula area, I would be happy to assist you! My passion is helping people find their dream home and stepping them through this exciting journey. I serve the Walton, Barrow and Gwinnett county areas. Call or text me today: 404.357.2231!

(Please note, information in this post was obtained from the article written by the National Association of REALTORS and can be found at this link: The Extended Home Buyer Tax Credit.)

Also, if you have specific questions as to how this tax credit pertains to you or if you want more details please contact the Internal Revenue Service at 800.829.1040

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