Enhanced Tax Credit Provides Outstanding Opportunity for Home Buyers on New Homes under $800,000 that Have Been Reduced in Price by Builders!

A tax credit of $8,000 currently exists for first-time homebuyers who will close on a home by November 30, 2009. This credit was set to expire on December 1, but because of a continued weak economy and the efforts of Realtors,  it will now remain in effect through the end of June 2010.  To qualify, buyers must sign a contract before April 30, 2010 and close on the property by June 30, 2010.

Additionally and perhaps of even greater consequence, the signed law offers a new $6,500 tax credit for current homeowners looking to buy up. This new credit is intended to reach those who have patiently waited for the right time to buy. Those who have used their home as their primary residence for five consecutive years out of the last eight can claim the credit.

Congress substantially increased the income limits on the tax breaks as well. Individuals earning less than $125,000 will now be eligible (currently $75,000), and married couples with income less than $225,000 who file jointly are eligible (up from $150,000).

Unlike the $7,500 tax credit enacted in 2008……….the New $8,000 tax credit does not have to be Repaid!

Here is an example of how it works: If a qualified home buyer expected, notwithstanding the tax credit, a federal income tax liability of $5,000 and had tax withholding of $4,000 for the year, then without the tax credit the taxpayer would owe the IRS $1,000 on April 15th. Suppose now that the taxpayer qualified for the $8,000 home buyer tax credit. As a result, the taxpayer
would receive a check for $7,000…………..$8,000 minus the $1,000 owed!

For a List of New Homes Reduced in Price and to See if You
Qualify for the $8,000 Tax Credit Call the Number Below or

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