You have two weeks from today to get a home under contract to get up to that $8000 and close by June 30th. Â Â Houses are going fast, especially if they are good buys.Â Don’t hem and haw if you want some of the $8,000 tax credit.Â I have been experiencing many homes already under contract when a buyer wants to see them.Â Not just one but several on their list.Â Then if you get the chance to look, there are also multiple offers.Â Â Â One of my buyers was lucky last month.Â An agent in my office announced she was listing a home in a couple of days.Â I got my buyer in the day it was listed (under market price) and he make an offer and it was accepted all in one day.Â I advised him to move on it, if it was a house he liked because it would not last long.Â He was happy he did and all went well.
Are you considering the home buyer tax credit?Â If so you have less then 60 days to put your home under contract.Â With the new extension that took place last November, you now do not have to be a first time home buy to qualify.Â You do not even have to have your current home sold when purchasing that step up home.Â Another key point is, that if you have qualified for the tax credit already, and your taxes have been completed for 2009, you do not have to wait until next year.Â You can file to amend your taxes and get the money now.
1)Â As long as you stay in your qualified home for 3 years, you don’t have to pay it back the credit back.
2) This is a dollar for dollar tax credit, it is not a deduction.Â It will be a reduction in your owed taxes of up to $8,000 for first time home-buyers and up to $6500 for qualified buyers who are repeating the process.Â Repeat buyers must have lived in the home at least 5 consecutive years during an eight year period by the closing date of the new home.
3)Â The income limit qualification has been expanded to include more buyers.
So hurry if you are planning to take advantage of this home buyer tax credit, you must have a contract in place by April 30, 2010 (with closing to take place by June 30, 2010), so call your real estate agent today!
There are a lot of tax credit perks.Â The new law that was extended past November 30, 2009 has a lot of benefits.Â The new law applies to step up buyers moving up to their next home.Â If you have lived in your home as the primary residence for 5 of the last 8 years then you qualify.Â See links below for more helpful information.
But did you know that if you are stepping up and having trouble selling your home, you can still qualify without actually selling the first home.Â But. . . you must purchase the second home as your primary residence. Â Not too bad.Â It is time to move.Â . . .Â Are you ready?
“There is no requirement that existing homeowners must have sold their home to be eligible for the $6,500 tax credit. However, Weichert encourages existing homeowners who want to benefit from this incentive to move quickly, particularly those who prefer to first sell their current home before purchasing a new one.”Â Quoted from : RIS Media – Repeat Buyers Need to Act Fast to Capitalize on Expanded Tax Credit