$8.000.00 for MN First Time Home Buyers!
More Money SEE http://www.federalhousingtaxcredit.com/
http://www.realtor.org
Great News!
President Obama has approved the Housing Tax Credit Expansion and Extension.
See below for details of the bill.
$8,000 First-Time Homebuyer Tax Credit Extension
Under the
American Recovery and Reinvestment Act of 2009, qualified first-timehomebuyers may receive a tax credit up to $8,000. President Obama’s bill extends
this program into 2010.
• Eligible for homes with purchase agreements signed by April 30, 2010, and
closed by June 30, 2010
• Available to first-time homebuyers who have not owned a home during the
past three years
• Credit amount up to 10% of the home’s value, not to exceed $8,000
• Buyers qualified for full tax credit are single taxpayers with incomes up to
$125,000
and joint filers with incomes up to $225,000$6,500 Tax Credit For Current Home Owners
President Obama’s new bill also provides up to $6,500 tax credit to current home
owners who purchase a new primary residence.
· Eligible for homes with purchase agreements written by April 30, 2010, and
that close between November 6, 2009 and June 30, 2010
• Qualified home buyers must have lived in their current home for 5
consecutiveyears
of the last 8 years• Maximum purchase price of the home is $800,000
• Single tax filers who earn up to $125,000 are eligible for the total credit
amount. Partial credit can be granted for incomes up to $145,000.
• Joint filers who earn up to $225,000 are eligible for the total credit amount.
Partial credit can be granted for incomes up to $245,000.
For use by real estate professionals only.
$8,000 First-Time Homebuyer Tax Credit Extended!
PLUS new $6,500 Tax Credit for Current Homeowne
BREAKING NEWS:
WOW! Who couldn't use a little extra cash when getting settled into their first MN home, right? Well, congress just passed a little-known incentive program to help encourage 1st time home buyers to buy something now!
If you are one of the thousands sitting on a fence right now, this info may bump you off the fence and into your new home. Could you use $8,000? Well, guess what? If you qualify, it's yours! And it's not tough to qualify!
The government is offering this $8.000.00 to any first time home buyer buying their new place until April 30, 2010. To qualify you must be a US citizen (or qualified "nonresident alien") and make less than $75,000 a year. ($150,000 for married couples filing jointly). You also have to be a legitimate 1st time home buyer OR you can't have owned a home in the last 3 years… That's it! (well, and you have to be someone who files your taxes in order to receive the tax benefit!)
How does it work then, you may be asking yourself? EASY!
If you owe less than the $8.000.00 for taxes, the IRS cuts you a check for the difference. If you were owed a refund, add the $8.000.00 to your refund amount and that's what you'll receive. So, for example, let's say you owe $1,500 at tax time and your 1st time home buyer credit is $8.000.00 . (8000-1500=6500) You will get a refund check in the amount of $6,500.
If, for another example, you are owed a refund of $1,500 and your 1st time home buyer credit is $8.000.00 (8000+1500=9,500), you will get a check in the mail for $9,500. How cool is that?
There are no restrictions on the type of home: single family home, townhome, condo, new construction, or resale AND if you are a married couple filing separately, your credit will be split - $4,000 to each spouse. Almost sounds too good to be true!
