Archive for the ‘tax credit extension’ Category

Housing tax credits – 58 days to go!

Wednesday, March 3rd, 2010

Homebuyers have 58 days to obtain a written, binding contract to qualify for the housing tax credits. First-time buyers and buyers who have not owned a primary residence for the past 3 years qualify for an $8,000 tax credit (or 10% percent of the sales price, whichever is less) so long as they are under contract by April 30, 2010 and close on the home by July 1, 2010. Homebuyers who have owned a primary residence consecutively for 5 of the previous 8 years qualify for a $6,500 tax credit. The home being purchased in either scenario must be a primary residence.

Income limits are very generous for those who buy between now until April 30, 2010:

  • $125,000 – single (Additional $20,000 phase out)
  • $225,000 – married (Additional $20,000 phase out)

While the $8,000 tax credit is getting a lot of use, Realtors are seeing very few existing homeowners taking advantage of the $6,500 tax credit.

The housing tax credits were extended under the H.R. 3548 Worker Homeownership and Business Assistance Act of 2009

DHW asks: Will you take advantage of the housing tax credits?

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Posted in $6500, $8000, H.R. 3548 Worker Homeownership and Business Assistance Act of 2009, Housing, housing tax credit, housing tax credits, realtors, tax credit extension | 1 Comment »

Game clock: Housing tax credits expire in 107 days

Wednesday, January 13th, 2010

Buyers hoping to take advantage of the housing tax credits will need to have a written, binding contract in effect by April 30, 2010. Buyers will have until July 1, 2010 to close.

There are exceptions for certain armed service, intelligence service and foreign service personnel.

DHW asks: Will you take advantage of the housing tax credits?

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Posted in $6500, $8000, H.R. 3548 Worker Homeownership and Business Assistance Act of 2009, Housing, housing tax credit, housing tax credits, tax credit extension | 1 Comment »

Tax Credits: extra perks for armed service and foreign service personnel

Wednesday, December 30th, 2009

Press release explaining housing tax credits benefits for the armed service, intelligence service and foreign service personnel  (National Association of Realtors).

“SAN DIEGO – Nov. 13, 2009 – According to the National Association of Realtors@ (NAR), the recent homebuyer tax credit extension expands benefits for the U.S. military.

Armed service, intelligence service and foreign service personnel on active duty and out of the U.S. for 90 days during any part of 2009 get an additional year to buy their homes – to May 1, 20ll.

Another benefit is a waiver on the time of occupancy. Most homebuyers using the tax credit must use that home as a principal residence for a period of no fewer than three years or forfeit the entire credit. But military, intelligence and foreign service members do not have to repay the credit if they sell their home in less than three years if they move because of official business.

“NAR is the leading advocate for private property and homeownership issues, and firmly believes that those who are in service to their country should be full participants in the homebuyer tax credit law,” says NAR President Charles McMillan. “These men and women are often hindered by hardships from full participation in the American dream of homeownership because their duty disrupts them in the buying and selling of a home.” NAR was a main advocate for the homebuyer’s tax credit extension into 2010 and its expansion to include present homeowners.

Under the tax credit extension, eligible first-time homebuyers can get a tax credit up to $8,000. Current homeowners are eligible for a $6,500 tax credit, provided they have lived in the home they are selling, or have sold, as their principal residence for five consecutive years in the past eight years.

Income limits for eligible homebuyers are expanded to $125,000 for single buyers and $225,000 for couples. The purchase price of the home cannot exceed $800,000. To help guard against fraud, buyers are required to attach documentation of purchase to their tax return.”

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Posted in $6500, $8000, Armed service, H.R. 3548 Worker Homeownership and Business Assistance Act of 2009, Housing, foreign service, housing tax credit, housing tax credits, intelligence service, realtor, realtors, tax credit extension | 2 Comments »

Existing home sales skyrocketed 10% in October

Monday, November 23rd, 2009

From the AP:

“Home sales far exceeded expectations last month, surging to the highest level in 2 1/2 years as first-time buyers rushed to take advantage of an expiring tax credit.

The National Association of Realtors said Monday that home resales rose 10.1 percent to a seasonally adjusted annual rate of 6.1 million in October, from a downwardly revised pace of 5.54 million in September.”

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Posted in $6500, $8000, H.R. 3548 Worker Homeownership and Business Assistance Act of 2009, first time homebuyers, home sales, homebuyers, realtors, tax credit extension | 1 Comment »