Please review the lists of reports below. They will make your buying experience go smoothly. Please take the time out to fill out the information, buying your house is an important investment. Invest the time in being a better educated buyer.

REVISED Homebuyer Tax Credit ~

President Obama has signed the Bill that extends the tax credit for first-time homebuyers into the first half of 2010. NEW- addition, the extension also opens up opportunities for others who are not buying a home for the first time.

Tax Credit for Homebuyers
First-Time Homebuyers (home buyers who have not owned a home within the last three years) may be eligible for the tax credit. The credit is 10% of the purchase price of the home, with a maximum available credit of $8,000.

Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.

Current Owners: The tax credit program now gives those who already own a residence some additional reasons to move to a new home. A tax credit is now available for those buyers of up to $6,500 for qualified purchasers. Current home owners who want to purchase a new home must have owned and occupied a primary residence for a period of five consecutive years during the last eight years.

Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.

The New Deadlines

In order to qualify for the new tax credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010.

Tax Credit Versus Tax Deduction

It’s important to remember that the tax credit is just that… a tax credit. The benefit of a tax credit is that it’s a dollar-for-dollar tax reduction, rather than a reduction in a tax liability that would only save you $1,000 to $1,500 when all was said and done. So, if a first-time homebuyer were to owe $8,000 in income taxes and would qualify for a tax credit of $8,000, that buyer would owe nothing.

The tax credit is refundable, which means the homebuyer can receive a check for the credit if he or she has little income tax liability. For example, if a first-time homebuyer is eligible for a tax credit of $8,000 but is liable for $4,000 in income tax, she can still receive a check for the remaining $4,000!

Higher Income Caps

The amount of income someone can earn and qualify for the full amount of the credit has been increased.

Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible

Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible.

Maximum Purchase Price

Qualifying buyers may purchase a property with a maximum sale price of $800,000.

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The new tax credit program includes a number of details and qualifications. For more information or answers to specific questions, please call your tax preparer, or accountant.

Time is also running short as other buyers who are taking advantage of all the signs that it is a good time to buy are getting to the home inventory before you. This means there will be less choices in homes to pick from.
 
Now is the time to act. Call me now show that I may show you the home of your dreams.
 
 Sincerely,
 Gene Tick

Weichert Realtors

Ruffino Real Estate

Each office is independently owned and operated