“World's Most Complete Neighborpedia”
Sponsor a Community — What is Localism? | Register or Sign In
Explore:   What's happening in your neck of the woods?
Home Hot News Venice Florida! Uncle Sam Wants ...

Hot News Venice Florida! Uncle Sam Wants You to Buy a House and Will Help You with Tax Credits!

News for Home-Buyers!
The Associated Press and the Herald Tribune report this morning that the House of Representatives has followed the lead of the Senate and both extended and expanded the popular Home Buyer tax Credit! This is very good news for Venice Florida, Sarasota County and the entire US of A. I am calling your attention to this as it is a really good effort on the part of our Government to both encourage home buying and to boost the weak economy. President Obama is expected to sign the Home-Buyer Bills TODAY! Here are the highlight details:

FIRST-TIME-BUYER...$8000 Tax Credit, yes, $8000! If you have not had interest in a principal residence for 3 years prior to purchase, Uncle Sam will credit you with $8000 at tax time. You will be sent a refund for the difference between what you owe and the $8000. This is Terrific!

CURRENT-HOME-BUYER...$6500! Yes, as long as you have lived in the home being sold as a principal residence consecutively for 5 of the previous 8 years, you are eligible for a $6500 Tax Credit. This is a new incentive and a good one!

THERE ARE SOME RULES:
1. Purchases...so long as a written binding contract to purchase is in effect on April 30, 2010, you will have until July 1, 2010 to close the deal.
2. Limits on Income...$125,000 Singles....$250,000 Marrieds


3. Limit on Cost of Purchased Home...$800,000

4. When Does it Start...The moment President Obama signs the Legislation!!!!!

This is BIG NEWS and VERY POSITIVE for both Home Buyers and the Economy. Anything that reduces the large inventory of homes on the market will be positive for the economy, "at the end of the day".

It chills my spine to think of even one adult in Venice Florida not knowing about these incentives. Stop into any Realty Office soon to check them out. I stand ready and willing to help any and all, whether you end up buying a property with me or not! I hope, too, that you are able to have a good weekend!

Posted Friday Nov 06