Get in on the Tax Credit before it is too late
Posted by Barbara Newton on Saturday, January 2nd, 2010 at 3:57pm.Well as much talk that has been going on about the Tax Credit, I am amazed at the amount of people that do not know about it or do not understand how it works.
Basically it goes like this, if you are a first time home buyer (haven't owned in the last 3 years) and you buy a home over 80,000 you will get the full 8,000, if under 80,000 you will get 10% of the sale price.
If you own a home now and have been in it for a min. of 5 years, with the new Tax Credit when you buy your new home your tax credit will be 6,500.
If you are looking at the deals in the foreclosure market, this money will go a long way toward making the needed repairs, or just buying new furniture for your new home.
The important part of the bill is in order to get this money you have to be under contract for your new home by April 30th and close by June 30th.
We all love free money so if you are on the fence about buying a new home, now is the time to jump off and jump in to this great buyers market before it is to late.
PS this was brought to my attention so I want to pass it on.
If you are waiting on a tax credit check or hope to get one in the future from buying a home, you will only receive the full amount if you do not owe the Government any money - Taxes or school loans etc.
Barbara Newton
Realtor
Nu Home Source Realty LLC
Direct # 817 846 5093
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Share2 Responses to "Get in on the Tax Credit before it is too late"
Very nicely done post of the tax credit in layman's terms! One thing worth noting is if you already are making payments to the IRS for a back tax bill or a federal student loan it's more than likely your tax credit will be applied to the balance of any outstanding balances first so you may not necessarily get an $8,000 check from Uncle Sam.
Posted on Friday, January 8th, 2010 at 1:10 PM.
This is good information Barbara. I'm calling this the"Winter Tax Credit". Buyers need to start now and not wait until Spring to start looking for a home.
Posted on Thursday, January 7th, 2010 at 12:09 PM.