First-Time & Move Up Buyers Get Increase in Tax Credit in new Stimulus Package
New Legislation extended by President Obama November 6, 2009
For aspiring home owners who find their goal stubbornly elusive, newly enacted legislation providing a tax credit of up to $8,000 for first-time home buyers might just be the opportunity of a lifetime. The American Recovery & Investment Act of 2009 does not require the $8,000 tax credit for first time home buyers to be repaid, but allows you to include the tax credit when you file your taxes - which can result in a larger refund for you - the home owner!!
But like so many of the good things in life, time is of the essence for buyers who want to take advantage of this outstanding opportunity. Only homes purchased on or after January 1, 2009 and before June 30, 2010 are eligible. Your new home must be under contract no later than April 30, 2010 and close before June 30, 2010 in order to qualify. So hurry; take advantage of the Tax Credit wither you are a FIRST TIME BUYER or a MOVE UP BUYER. ACT NOW!!
Touchstone Homes has put together a special team with exclusive deals to help qualified individuals purchase their dream home. All communities and homes are ideal for utilizing if you are a first-time buyer. Call Touchstone Homes at 770.945.5228 today for more information or fill out the form to the right.
But hurry…June 30th may seem a long way off, but is just around the corner. Contact a Touchstone team member today to start the process before it is too late.
Tax Credit for First-Time Home Buyers
· Tax credit for first-time home buyers only expires 6/30/10
· Maximum tax credit amount is $8,000
· Home must be under contract between 1/1/09 and before 4/30/10
· Single tax payers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify
· For additional information, go to http://federalhousingtaxcredit.com/
Tax Credit for Move Up Home Buyers
· Tax credit for first-time home buyers only expires 6/30/10
· Maximum tax credit amount is $6,500
· Home must be under contract between 11/11/09 and before 4/30/10
· Buyer must have lived in home for 5 years to qualify and must be primary residence
This information is subject to errors and omissions. You should consult with your tax advisor on the benefits of buying a home under this tax credit.