Great News!!! Tax Credit Has Been Extended!!!

In an effort to help the country's struggling economy, Congress has extended the tax credit for first-time homebuyers and expanded it to some current home owners. Some basic guidelines are below.

First Time Home Buyers: Who qualifies? Anyone who has not owned a home in the last 3 years

is considered to be a first-time home buyer.

Tax Credit Guidelines

•· The maximum amount of the tax credit is $8,000.

•· Any single-family residence (including condos) that is used for a principal residence is eligible.

•· The tax credit is claimed on your federal income tax return. Please consult with your accountant!

•· Individuals who make $125,000 or more do not qualify for the tax credit. Joint filers do not qualify if they make $225,000 or more.

•· Buyer must have a SIGNED purchase contract by April 30, 2010, and close by June 30, 2010.

•· The tax credit has no repayment requirement as long as you own the home for over 3 years. It's your money to keep.

Repeat Home Buyers: Who qualifies? Anyone who has owned their home consecutively for at

least 5 of the last 8 years is eligible for the tax credit.

Tax Credit Guidelines

•· The maximum amount of the tax credit is $6,500.

•· Repeat buyers must have owned their current home at least five years.

•· The tax credit is claimed on your federal income tax return. Please consult with your accountant!

•· Individuals who make $125,000 or more do not qualify for the tax credit. Joint filers do not qualify if they make $225,000 or more.

•· Buyer must have a SIGNED purchase contract by April 30, 2010, and close by June 30, 2010.

•· The tax credit has no repayment requirement as long as you own the home for over 3 years. It's your money to keep.

This is a great opportunity to make a move in the housing market.
If you, or anyone you know, has been thinking about buying a home or moving up, now is the perfect time to do so.

If you have any questions regarding these credits, please give me a call (435) 757-8990 I'd love to help.