$8K Tax Credit is Halfway to Expiration…
The clock is ticking for home buyers who hope to benefit from the First-Time Home Buyer Tax Credit. With only a little over 4 months to go, now is the time to act if you’re interested in getting the $8,000 tax break.
Considering that the average time to find and close on a home is around 2-3 months, eligible home buyers don’t have a lot of wiggle room. (And remember, you don’t have to be a “first-time” home buyer to qualify—the government’s definition of “first-time” includes anyone who has not owned a primary residence in the 3 years prior to purchase.)
The program, which was instated in February, expires on November 30. A buyer must close on their home by that date in order to receive the tax credit. The credit is equal to 10% of the purchase price, up to $8,000. It is a tax refund, so you will get cash back on your 2010 tax return if you do not owe the full amount.
If you are seriously thinking about buying a home this year, this is a great opportunity that would be a shame to miss out on. Talk to a real estate agent today to see what you need to do to secure your home buyer tax credit.
For more information about tax credit details and to see if you qualify click here.
Posted at 11:34AM Jul 22, 2009 by Spencer Mason in General Comments[2]
Posted by C. Bassman on July 23, 2009 at 09:55 AM CDT #
Michael Rubin
http://titleinsurancethoughts.blogspot.com/
Posted by Michael Rubin on August 12, 2009 at 11:55 AM CDT #