Monday, April 19, 2010

Time Will Run Out On US Homebuyer Tax Credit - 11 Days to Go for Deadline

Time is running out on the federal tax credits for first-time and repeat home buyers.
First-time buyers who enter a binding contract by April 30 and close escrow before July 1—and meet the income limits—are eligible for the full $8,000 credit (maximum, or 10 percent of the sales price, whichever is less) on their federal tax returns. The first-time home buyer credit applies to homes purchased for $800,000 or less, and does not require repayment if buyers live in the residence for three or more years. 
Existing homeowners may be eligible for a tax credit (10 percent of the purchase price, not to exceed $6,500).  To be eligible for this credit, homeowners must have lived in their current home for five consecutive years out of the last eight years and must enter a contract to purchase a new or existing home by April 30, 2010.  Existing homeowners do not need to sell their current home to qualify for this credit, but must close escrow before by June 30, 2010.
For complete details on these credits, qualifications, income levels and income phase-outs, visit “Legal Q&As."

Harrison K. Long, Realtor & broker, Explore Group, Coldwell Banker Previews, Irvine, CA.  CA DRE #01410855.  Lawyer member, California State Bar Association #69137.  National Association of Realtors, California Association of Realtors, and Orange County Association of Realtors.  Current Chairperson of Local Government Relations south committee at  Newport Beach and Irvine area Realtor, broker agent and property information source. 

Always hire an experienced local REALTOR to help you with the sale or purchase of a home.  For eligibility in your situation about homebuyer income tax credits, check with your local certified public accountant.

Posted via email from Explore OC Homes


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