Yes, there is still time to take advantage of the home buyer’s tax credit. You must act soon, the deadline to be under contact for a purchase of a home is April 30 2010. You have until July 1 2010 to sign all the paper work and close on your new home. The home buyer tax credit of $8,000 is available to both first time home buyers and $6,500 to move up or repeat home buyers.
Why Wait? This will be the last time the federal government will pay you to buy a home. We have interest rates at historic lows and homes in all price ranges are plentiful.
The government extended the first time home buyer tax credit in November 2009 to April 2010 and included families who have purchased in the past.
The federal government describes a move up or repeat buyer (Long term Resident) as a person who has owned and lived in the same home for a least five consecutive years of the eight years prior to the purchase date. Married couples both have to qualify as long term residents.
The income limits for this program is $125,000 for single taxpayer and $225,000 for married taxpayers filing jointly. The tax credit is limited for tax payers over these limits so please seek more information to see if you qualify.
The tax credit is a dollar for dollar reduction in what the taxpayer owes.
We have several valuable resources to look over in helping with your specific situation. Please call us to talk more about finding your new home in the Aiken/ Augusta Area. Don’t Delay, Act today time is running out!!