Not a First-Time Buyer, but Still Want a Rebate for Your Real Estate Puchase?...It's Your Turn Now!!!
|
|
|
Many Current Home Owners Now also Qualify for a Tax Rebate on their Real Estate Purchase.Who Qualifies? Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight. |
|
What Properties are Eligible? The Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops. How Much of a Rebate is Available to Me? The maximum allowable credit for current homeowners is $6,500. Each home buyer’s tax credit is determined by tow additional factors:
Price Buyer Income |
|
If My Income Exceeds The Limits, Can I Still Get a Credit? Yes, some buyers may still be eligible for the credit. The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $145,000 for singles and over $245,000 for couples are not eligible for the credit. |
|
Can a Buyer Qualify with a Purchase that Closes After April 30, 2010?Under the Extended Home Buyer Tax Credit, as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.
|
North Dallas Area MLS Home Search
|
 |
 |
 |
 |
 |
 |
|
Frisco quick links |
 |
 |
 |
 |
 |
 |
 |
 |
 |
| Information provided by licensed brokers. |
 |
Stan & Ashley McDonald 972-977-7826 |
 |
|
MLS Home Searches - Updated Daily! No Registration Required!
www.NorthDallasRealEstateSearch.com
a
|
So, would you qualify if you bought your new home in September & not after November 6? I meet all other qualifications except we bought our new house on September 20th. If we do, is there somthing special we need to fill out since it was before November 6?
Hi Becky-
Thanks for your question. Unfortunately I do not believe they will allow the credit for homes purchased before the November 6th date unless you were a first-time home buyer (or had not owned a home in the past 3-years). However, I would be sure and check with your tax representative as to any credits your purchase and/or your move may entitle you to.
Thanks again and have a terrific Thanksgiving next week!
Stan & Ashley McDonald