Economic Stimilus Plan and The American Recovery and Reinvestment Act of 2009
Please consult your tax adviser or CPA to assist you with the home buyer tax credit.
Please consult your tax adviser or CPA to assist you with the home buyer tax credit.
The U.S. Government is trying to fix our housing issues. Part of the plan is to provide an $8000 first time home buyer tax credit and a $6500 home buyer tax credit to all home buyer's who have lived in their current home for 5 years or more.
This tax credit would apply to home buyer's who purchase a home and close between now and June 30, 2010. First time home buyer's would be eligible for an $8000 tax credit, while all other home buyer's who have lived in their current residence for 5 years or more would be eligible for a $6500 tax credit.
Annual taxable income for single buyers cannot exceed $125,000 and annual taxable income for couples cannot exceed $225,000.
Buyers will have to repay the first time buyer tax credit if they sell their home within three years.
The home purchase must be used as a principal residence. Single family homes, townhouses, and condominiums would all be considered as a principal residence.
Mortgage rates continue to stay historically low. Money is "cheap" to borrow. We may never see mortgage rates this low again. The time to buy a home is now while home prices are low and mortgage payments are affordable.
If you would like more information about buying a home you can contact me directly at 704-957-0328, email me at wardwhite@kw.com, or register on my web site so you can see all the homes on the market.
This tax credit would apply to home buyer's who purchase a home and close between now and June 30, 2010. First time home buyer's would be eligible for an $8000 tax credit, while all other home buyer's who have lived in their current residence for 5 years or more would be eligible for a $6500 tax credit.
Annual taxable income for single buyers cannot exceed $125,000 and annual taxable income for couples cannot exceed $225,000.
Buyers will have to repay the first time buyer tax credit if they sell their home within three years.
The home purchase must be used as a principal residence. Single family homes, townhouses, and condominiums would all be considered as a principal residence.
Mortgage rates continue to stay historically low. Money is "cheap" to borrow. We may never see mortgage rates this low again. The time to buy a home is now while home prices are low and mortgage payments are affordable.
If you would like more information about buying a home you can contact me directly at 704-957-0328, email me at wardwhite@kw.com, or register on my web site so you can see all the homes on the market.
