WHO ARE STILL UNINFORMED THAT THIS CREDIT IS STILL AVAILABLE!
DO YOU REALLY UNDERSTAND WHETHER YOU OR SOMEONE YOU KNOW MIGHT QUALIFY FOR THE EXTENDED AND EXPANDED HOMEBUYER TAX CREDIT?
IT CAN PUT THOUSANDS OF DOLLARS IN YOUR POCKET IF YOU TAKE A FEW MOMENTS TO FIND OUT IF YOU OR SOMEONE YOU KNOW QUALIFIES!
Please pass this information on to anyone you know who might benefit!!
Homebuyer Tax Credit Extended and Expanded!
Note: This is intended to provide an overview only - for specific information or individual concerns, please contact your lawyer, accountant and/or financial advisor.
On November 7, 2009 a new Homebuyers Tax Credit bill was signed into law. The bill extended the tax credit for current first-time homebuyers (FTHBs) tax credit, as well as expanding to existing homeowners who are looking to buy as well. And even if you aren't looking to purchase - pass on this information to anyone you know who may be in the market to buy. This is information can benefit them greatly, and We’ll be happy to be of service to them answer any and all questions they may have!
Here is the scoop on the new and improved Homebuyers Tax Credit - and how it can help you!
Tax Credit Has been Extended for First-Time Homebuyers
FTHBs (the purchaser or his/her spouse may not have owned a primary residence during the three years prior to the purchase) may qualify for the tax credit. The credit is 10% of the purchase price of the home, up to $8,000. For instance if you bought a home for 60,000, you would be eligible for $6000. But if you bought a home for $100,000 you will be eligible for only $8000 tax credit...did I say only?
Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.
Tax Credit for EXPANDED for Current Homeowners
The tax credit program nowgives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who 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.
What are the New Deadlines?
In order to qualify for the credit, as long as a written binding contract to purchase is in effect no later than April 30, 2010 and close no later than June 30, 2010. Those in the military do have some special extensions on the timelines available.
Will the Tax Credit need to be Repaid?
No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale.
Which Properties Are Eligible?
Tax credit may be applied to primary residences, including single family homes, condos, townhomes, and co-ops.
What exactly is a "Tax Credit"?
A tax credit is that it's a dollar-for-dollar benefit, rather than a "tax deduction", or reduction in a tax liability that would only save you $1,000 to $1,500 when all was said and done. For instance, if a first-time homebuyer who qualified for the entire benefit were to owe nothing in income taxes and qualified for a tax credit of $8,000, she would receive $8,000 dollars. Another example, if a first-time homebuyer is eligible for a tax credit of $8,000 but is liable for $4,000 in income tax, he can still receive a check for the remaining $4,000!
Buyer Income
Single buyers with incomes up to $125,000 and married couples with incomes up to $225,000—may receive the maximum tax 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.
Maximum Purchase Price
Qualifying buyers may purchase a property with a maximum sales price of $800,000.
Remember, the new tax credit program includes a number of details and qualifications. Call or email today if you have questions or would like to see if you can benefit from the tax credit...and email this article along to anyone else you feel it might benefit as well!
**As a bonus for reading this you are welcome to
a free credit report no strings attached!**
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for directions on how to request your Free Credit Report~
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Jason Miller
Mortgage Consultant
Metlife Home Loans
Office: 315-622-1900
Mobile: 315-244-7831
Email: jjmiller@metlife.com
