 Posted: 7/12/2010
Tax Credits continue their impact
Even if you didn't sign a binding contract by April 30, 2010, the home buyer tax credits are still having an impact.
The military is still eligible for tax credit
The home buyer tax credits may have expired for most but military personnel and foreign service employees deployed overseas have an additional year to take advantage of the savings. Those that have been overseas for 90 days or more between January 1, 2009, and April 30, 2010 can still claim the credit if they sign a contract on or before April 30, 2011 and close on or before June 30, 2011. The extension will benefit members of the military coming home from Iraq and Afghanistan, among others. For more info contact Ken Trepeta at (202) 383-1294.
Congress has passed an extension to the tax credit closing date
On June 30, the Senate approved the Homebuyer Assistance and Improvement Act (H.R. 5623), giving homebuyers who were under contract on a home purchase by April 30 until Sept. 30 to close the deal and claim the federal homebuyer tax credit. There will be no gap between June 30 and July 2, the date the President signed the bill into law. Read more»
Central Ohio's market is still strong
No tax credits? No problem! Central Ohio’s housing market will remain strong even as home buyer tax credits expire. Not convinced? Check out this article from In Contract that details the low interest rates and optimistic outlook in our market.
Posted: 3/25/2010
Expanded Tax Credits expire April 30
Now is the time to act to take advantage of these incredible tax credits!
Who qualifies?
You qualify if you are a first-time or current owner and:
- You meet IRS income and homeownership rules.
- You sign a binding contract by April 30, 2010.
- You close on a home purchase by June 30, 2010.
You’re a first-time homebuyer if you or your spouse haven’t owned a home for the three years before your purchase.
You are considered a current homeowner under IRS rules if you’ve used the home being sold or vacated as a principal residence for five consecutive years within the last eight.
In both cases, keep in mind that the credit amount you’re eligible for begins to decrease for joint filers if your modified adjusted gross income is $225,000 ($125,000 for individuals); it disappears at $245,000 ($145,000 for individuals).
Click here for more information from HouseLogic.
How do you claim it?
You can choose to claim the tax credits on your 2009 or 2010 taxes (even if you bought the house in 2010, you can claim it on your 2009 filing). There is a specific filing form (PDF) and instructions on how to complete it (PDF).
And don't be perturbed by the fact that everything is labelled "First-Time Homebuyer Credit" - The information is for both the first-time homebuyer as well as the current homeowner tax credit.
Learn more from the IRS.
How do you buy a home?
You can't claim one of the tax credits if you don't buy a home. To get started, the National Association of REALTORS® has a great step-by-step guide for anyone seeking to purchase property. See what NAR has to offer.
The US Department of Housing and Urban Development also has a handy guide to homebuying but with a stronger focus of the fiscal aspects of the undertaking. Read more from HUD.
How do you get informatin on buying or selling a home?
If you're searching for more information, NAR also offers a plethora of great resources including real estate news, market information, basics on the tax credits, help refinancing and more. Find out more from NAR.
Freddie Mac's web site contains in-depth information on all aspects of homeownership. Find out if home ownership is for you and check out their nifty calculator that compares the cost of owning a home with renting. Get more information from Freddie Mac.
Posted: 11/24/2009
Understanding the expanded Tax Credit
Negotiating the new rules governing the expanded tax credit requires insight. Below are a few resources that offer helpful information.
Click here for information from the IRS about the homebuyer credits.
Click here for a great FAQ from the National Association of Home Builders.
Posted: 11/6/2009
Homebuyer Tax Credit extended and expanded
Read More »
Posted: 3/27/2009
How 2009's $8,000 First-time Homebuyer Tax Credit worked
The First-Time Home buyer Tax Credit contained in the 2009 Economic Stimulus Bill bumped the credit up to $8,000 (from $7,500 in 2008) and the recapture provision (a big impediment in the prior version) was removed.
Read more»
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