Upcoming Home Buyer Tax Credit Deadlines
Posted by TheHomeCart.com on Thursday, April 1st, 2010 at 9:30pm.One of the efforts that the administration has made to try to address the housing crisis in the United States is through the various home buyer tax credit programs. These programs are designed to give a tax credit to people buying a new home. The programs have been in place for a while, although they have been extended and changed over time.
As it stands today, the Worker, Homeownership and Business Assistance Act of 2009, which went into effect on November 6 of last year, extends and expands these credits. First, it extends the $8,000 tax credit for new home buyers into 2010. It also expands the program by offering a $6,500 tax credit to people who already own a home who wish to buy a new one.
There are, of course, guidelines on these programs. For the $8,000 tax credit, you can’t have owned a home in the past 3 years. There are income limits, too. In addition, the credit will be 10 percent of your home’s purchase price, up to the maximum of $8,000 in credit.
The $6,500 program is designed for existing homeowners to buy a new home. The rules are similar. There are income limits, and you need to have owned your home for the past five years. The credit is also 10 percent, up to the maximum of $6,500.
The deadlines for these programs are fast approaching. You need to buy or enter into a binding contract to buy your new home by the end of April, 2010. You then will have another 90 days, until June 30, 2010, to close on the home. You can then claim the credit on your 2010 tax return.
Our select team here with TheHomeCart.com and Brokers Guild - Cherry Creek Ltd is committed to meeting all of your Colorado real estate needs. We use the latest technology and utmost degree of customer service to enhance your real estate buying and selling experience. Our team services the Denver Metro area helping buyers and sellers with homes, townhomes, condos, lofts, and investment properties. We specialize in offering relocation assistance for local, national and international buyers of homes and properties here in colorful Colorado. For more information about buying or selling your Denver area home, please contact us here at TheHomeCart.com.
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It's a shame they ended the credit!
I guess we will see the ramifications in the coming quarters!
All good things must come to an end sooner or later!
Posted on Wednesday, May 26th, 2010 at 2:48 PM.