Tick-tock-tick-tock-tick-tock…Do you hear that sound? Tick-tock-tick-tock…It’s the sound of time running out! On November 30th, the incredible home buyer’s tax credit of $8,000 will END! If you can take advantage of this opportunity, and haven’t – you absolutely need too! With property values at the most affordable in several decades, and plenty of fantastic property to choose from – you should seriously consider moving into action before the offer expires.
First, let’s explain this credit a bit….
Who is eligible for the tax credit?
-->First-time home-buyers (or buyers who haven’t owned a home in the last 3 years would also qualify as “first-time” buyers)…
-->Buyers who make less than $75,000 for singles or $150,000 for couples. (Higher-income buyers could receive a partial credit.)
-->The buyers must live in the house for 3 years or more, or they will have to pay back the tax refund.
-->The refund amount is $8000 or 10% of the home’s value – whichever one is less.
Extra important – this is not a tax-deduction! It is a tax credit!
Since it is a tax credit, it will show up a tax refund for most people. For example, if you paid $5000 in taxes this year and after doing your taxes found out that the IRS owed you a $500 refund, you would now get $8500 back.
Most importantly - Yes! You have to close by November 30th as the program ends on Dec 1, 2009. They may extend this program but it has not been approved yet by congress to extend it. You can’t trust the boys in Washington to keep this stimulus plan going, so you need to jump onboard with a solid Realtor and move quickly.
While the time-frame sounds really small, a qualified Realtor with a great mortgage team will be able to make this happen to you. Commit the necessary time from your schedule to look at the right properties, and you can find your dream home and take advantage of this amazing financial opportunity.
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