SEE UTUBE: http://www.youtube.com/watch?v=fkQD2KHmpao(copy & paste)

Send Me an Email (574) 370-0338

View My Featured Properties

Call me about the $8000 federal tax credit

First Time Buyers Federal Housing Tax Credit Extended

 

HOW THE HOMEBUYER TAX CREDIT WOULD WORK

Tax credit: 10% of the purchase price of a primary residence, up to a maximum of $8,000 for first-time homebuyers and $6,500 for repeat buyers. First-time homebuyers are defined as people who have not owned a home in the previous three years. Repeat buyers must have owned their current home at least five years. The credit cannot be used for houses costing more than $800,000.

Deadline for qualifying: Purchase agreements must be signed by April 30, 2010, and closings must be final by June 30.

Military deadline: The deadline is extended by a year for members of the military who have served outside the U.S. for at least 90 days from Jan. 1, 2009, to May 1, 2010.

Income limits: Individuals with annual incomes up to $125,000 and joint filers with incomes up to $225,000 qualify for the full credit. Individuals with incomes up to $145,000 and joint filers with incomes up to $245,000 qualify for reduced credits.

How to apply: Taxpayers can claim the credit on their federal income tax returns. If the credit exceeds their tax bill, the government will issue a payment. Taxpayers who want immediate refunds can amend their tax returns for 2008 to claim the credit.

Additional Details - For additional details, please view the following web site; http://www.federalhousingtaxcredit.com ; it may yet to be updated for the extention. As always, please consult with your tax advisor.

Contact John Sands to discuss your potential of using this rare opportunity. In my years of Real Estate service, this is one of the best times I have seen for first time buyers. Interest rates are very low, sellers are reasonable and the $8000.00 tax credit. Incredible! In addition to that, we still have quality no money down loans in certain areas; some with the payments based on your income.

Contact John Sands:  cell phone: (574) 370.0338; office direct line: (574) 537.8371 or e-mail: JohnSands@Remax.net.