Update on Tax Credit

 

As many of you may know the Federal Government to stimulate the housing market placed a  $8000 tax credit in play for first time homebuyers. The guidelines stated that you must close your transaction between January 1st 2009 and December 1st 2009.  This was open to first time homebuyers only.

 

The Federal Government has updated and extended the deadline for the Federal Tax Credit for the housing market.  The updates are as follows:

 

*    First time homebuyers will now have until April 30th 2009

*    The max amount is $8000 or 10% of the sales price up to $8000

*    The $8000 will include the purchase of Single Family homes, Condos and Coops.  (Investment properties will be excluded)

*    You must reside and use your home as your primary residence for 36 consecutive months or the tax credit must be repaid to the Federal Government

*    Individual earning as much as $125,000 a year will be eligible

*    Couples earning as much as $225,000 a year will be eligible

*    Anyone taking the credit from a home purchased in 2010 would be able to take the credit in 2009 tax returns.

*    Current home owners will be eligible for a $6500 tax credit as long as you have resided in your current home for atleast 5 years.

 

 

 

Your Realtor,

 

Egen Warner

http://GetEgen.com