Posts Tagged ‘Home Buyer Tax Credit’
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The National Association of Realtors (NAR) expands on the Extended Home Buyer Tax Credit:
To qualify for benefits, home buyers must have entered into a purchase contract by April 30, 2010. Once this provision is met, home buyers have until June 30, 2010 to close the deal.
Expanded sphere of benefits
While those making a first time home purchase still qualify for the $8,000, repeat home buyers are now eligible to claim a $6,500 tax credit on home purchases up to $800,000. This affects an enormous range of individual circumstances, including those of you looking to upgrade, downsize, relocate for any reason or simply make a smart investment. Additionally, the tax credit is redeemable for the construction of a new home.
Relaxed income requirements
To qualify for the full amount, individuals must make no more than $125,000 annually, couples up to $225,000 combined. Individuals and couples who make up to $20,000 over the limits will still qualify for partial benefits measured on a progressively declining scale. These numbers nearly double that of last year’s First Time Home Buyer Tax Credit and affect all eligible home purchases between November 7, 2009 and the April 30, 2010 deadline.
Your REALTOR® can help you take advantage of the Extended Home Buyer Tax Credit.
Real estate is one of the smartest long-term investments you can make.
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For further information regarding the Extended Home Buyer Tax Credit, we recommend: