Tax Credit Extended and Expanded
Kathy Riggs November 9th, 2009
Great news for homebuyers who have not found that perfect place. The tax credit has been extended and it has also been expanded!
Buyers have been feeling the pressure to find the perfect place and close their transaction by November 30, 2009, in order to take advantage of the $8,000 tax credit.
If you remember I have been periodically posting that the deadline looms for first time buyers. Congress has just passed (I’m not sure if the ink is dry on the bill!) an extension of the tax credit. Homebuyers have until April 30, 2010 to have a house under contract to be eligible for the credit. They must close by July 1, 2010.
And the news gets better…homeowners who are upgrading, moving or downsizing can be eligible for a $6,500 tax credit. While the first-time homebuyers credit targets people who have not owned a home as a primary residence within the past three years, people who are selling their primary residence and purchasing another home are eligible provided they have lived in the home they are selling for five consecutive years of the past eight years.
Single family homes, townhomes and condos qualify. Also, a homebuyer is eligible for the credit if they purchase a one-to-four unit complex and they reside in one of the units.
There are some income restrictions for the tax credit, so stay tuned for more details. As always, you may want to consult you tax professional to answer any questions about your specific situation.
on the lighter side…
Note to Landlord: I request your permission to remove my drawers in the kitchen.
SHAMELESS PLUGS
If you have some farmland you are willing to sell, I have some interested buyers. I also need a 4 to 10 acre parcel. Call me at 252-939-2432 or email me at kriggs@kathyriggs.com for more information.
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