Homebuyer Tax Credit Extended and Expanded - Highlands Ranch, Colorado Buyers and Sellers Don't Miss Out Again!
President Obama signed legislation on Friday, October 6, 2009 extending and expanding the Homebuyer Tax Credit. So what does this mean for you?
$8,000 First-Time Homebuyer Tax Credit*: The first-time $8,000 tax credit has been extended. Those who qualify are:
- First-time Homebuyers: You have not owned a principal residence in the last three years.
- Income Limits: $125,000 - single / $225,000 - married
- New Home: The home your are purchasing may only cost $800,000 or less
- Time Limits: You must be under contract by April 20, 2010 and close on your home by June 30, 2010
$6,500 Current Homeowner Tax Credit*: This new $6,500 tax credit has been added for current homeowners. The details include:
- Current Homeowners: You must own or have owned your principal residence for five consecutive years of the last eight years
- Income Limits: $125,000 - single / $225,000 married
- New Home: The home your are purchasing may only cost $800,000 or less
- Time Limits: You must be under contract by April 20, 2010 and close on your home by June 30, 2010
Frequently Asked Questions Answered:
Existing Homeowner Credit -
- Must the new home cost more than the old? No - For example, individuals who move from a high cost area to a lower cost area who meet all eligibility requirements will qualify for the $6,500 tax credit.
- If you owned a home for 10 years, but sold it two years ago and have been renting since - are you eligible? Yes - If you have lived in your principal residence for five consecutive years of the previous eight, you will qualify for the $6,500 tax credit.
New Homebuyer Credit -
- If you entered into a contract to purchase prior to October 30, 2009, and have not closed yet and will not close by the previous deadline of November 30, 2009 will you be eligible? Yes - You no longer have to close before December 1, 2009. Once the legislation was signed, it will be as if the November 30th date never existed.
- If you did not qualify with the old income limits, yet you haven't yet closed on the house you have contracted to purchase, will you be eligible? Yes - The new income limitations went into effect as soon as the President signed the bill. The income limit and other eligibility rules will look to your status as of the date of purchase, which is the date you close on your home.
*Of course we encourage you to consult your tax professional for all of the details on how the Homebuyer Tax Credit can benefit you personally.
The end of the year has traditionally been a "slow" time for Real Estate - not this year. If you were waiting to list your house until this spring you may be too late. Buyers will be out there now so they can find their dream home, your home perhaps, prior to the April 30th deadline. This in conjunction with near record low interest rates means the time to act is now!
If you have any other questions, call SampronSisters for all of the details!
Get off the Fence! The time to buy and sell is NOW!
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Carrie and Kathy Sampron specialize in residential real estate in Highlands Ranch, Colorado as well as surrounding communities in the Denver Metropolitan Area. Contact Carrie and Kathy at (303) 931-3629 to list your property for sale or to purchase a property in Highlands Ranch, Denver, Lakewood, Littleton, Arvada, Centennial, Greenwood Village, Cherry Hills Village, Castle Rock, Parker, Aurora, or any other Metro Area city. We love your referrals!
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