Federal Tax Credit Extended - What You as a Buyer Need to Know
Tax Credits are available for both first time home buyers as well as those purchasing primary residences who have owned a home for 5 of the last 10 years. Condos, townhomes and single family homes apply and the maximum purchase price is $800,000. Two income caps have been set:
- If an individual makes $125,000 or higher, they will not be eligible.
- If a couple's joint income is $225,000 or higher, they will not be eligible.
The federal tax credit application form can be found here (IRS form 5405).
Here's a quick video version of the new federal tax credit explanation as well. (Scroll to the bottom of the web page to view the video).
This new bill is going to cost $10 billion just for the home buyer tax credit. Here's a more detailed version of the explanation of the extended $8,000 and $6,500 federal tax credit:
(THE best Charlotte home search available - no kidding!)
Debe Maxwell, CRS/Realtor®/Broker
Broker@TheCharlotteScoop.com
Phone (704) 491-3310
Tou always do a great job of explaining things. GREAT POST!!!
Bonner
Debe ---- this is a nice job of explaining the Tax Credit Extension. I'm going to re-blog this. Thanks.
Great post. That video is great for consumers. Thank you NAHB!
Great explanation of the rules and, thank you in advance for the reblog I am about to do :)
Debe,
As always a good explination of the extended tax credit. Thank you
Nice Post Debe. I'm going to reblog this as well.
Deb, good post-- very well said--simple and to the point!
Debe - This is a great breakdown of the extended tax credit.
Debe
Thanks for sharing your insights great post.
Good luck and success.
Lou Ludwig
It's such a good idea to continue to remind buyers and sellers about the credit and how it works.
I love your graphics, Debe.
Deb,
Thank you - I'm going to re-blog. Your posts are a delight to the eye and to the mind.
Sue
Great post Debe. And before you know it time will be running out. Only a little over 90 days to get a home under contract to take advantage o the credit.
Hi Everyone! I am so in arrears in reciprocating your wonderful comments and I do apologize! I posted this in the hopes that the consumer has a resource from which to have any questions that they may have pertaining to the Extended Federal Tax Credit.
It won't be long before we're doing the countdowns again either, will it?!
Have a fabulous Friday...
Thanks for the info on this-you did a great job of explaining it. Mind if I re-blog? I've found that the consumers need this explained over and over...
Lisa: Feel free to re-blog! You're right, I get questions on this over and over again so, it's nice to have one spot in which to refer the consumer.