Fort Mill Home Buyers and Sellers Can Get A Tax Credit

Fort Mill Home Market Increase Great news for Fort Mill Home Buyers and Sellers.  Congress has passed legislation to extend the First-Time Home Buyer Tax Credit. But the bill added incentives to current home owners. Here are the details of the extended home buyer tax credit signed by the President November 6,2009.

The new bill:

* Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.

* Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.

Here is Tom Kunz, President and CEO, Century 21 Real Estate with more information on the Extended 2009 – 2010 home buyers tax credit.

More information on the the extended home buyers tax credit:

First-time home buyers who purchase homes between November 7, 2009 and April 30, 2010 and current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight qualify for the credit.

To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.

The Extended Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.

The maximum allowable credit for first-time home buyers is $8,000. The maximum allowable credit for current homeowners is $6,500.

Each home buyer’s tax credit is determined by tw0 additional factors:

1. The price of the home.

2. The buyer’s income.

Under the Extended Home Buyer Tax Credit, credit may only be awarded on homes purchased for $800,000 or less.

Buyer Income

Under the Extended Home Buyer Tax Credit, which is effective on November 7, 2009, single buyers with incomes up to $125,000 and married couples with incomes up to $225,000—may receive the maximum tax credit.

Some buyers may still be eligible for the credit if their income is over the limits. The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $145,000 for singles and over $245,000 for couples are not eligible for the credit.

Under the Extended Home Buyer Tax Credit, as long as a written contract to purchase a home is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close. The extended 2009 home buyers tax credit info is from National Association of REALTORS®.

Click for more information about the The Worker, Homeownership, and Business Assistance Act of 2009.

Call Carmen for more details.

Carmen Miller Century21 First Choice logo
Carmen S Miller
Century 21® First Choice
Fort Mill, SC
803.322.3479
carmen@carmensmiller.com

www.HomesFortMill.com

Comments

  1. says

    Excellent information, and you added quite a bit for people in your area. It’s exciting for home buyers right now, interest rates are still super low, the new credit, and all the great deals. Being a home buyer today is going to be a great investment, and in the future you will be happy that you purchased that new home! :)

  2. says

    I had a feeling that it would be extended. It was too successful to stop it now and the housing market still isn’t out of the woods yet. Las Vegas is still seeing massive foreclosures, even with the frenzy of buyers taking them off the market.

  3. says

    I also understand that military personnel that are in the field right now are being allowed to take advantage of this credit through the first part of 2011. Sure, that’s a small subgroup of people, but does give them more time to take advantage of the credit and settle into a home when they return.

  4. says

    The enhancement of the tax credit is really making a difference, we are seeing a lot more listings because of it, which may not be good for the overall recovery, but it should help to get rid of some of the surplus of high end homes for sale.

  5. says

    I’m impressed with this kind of post! Very informative and I’m sure that you provide a lot of information that would benefit a lot of people in your area in particular. Captivating post! It gives a wide idea for people who wants to buy new homes without regrets! This will add more to new investments especially in real estate business! Keep it up!

  6. says

    A worthy and informative post! Everyone benefits a lot from these ideas. Those real estate businesses in the market will have an increased in home sales as the tax credit helps a lot of people most especially first time home buyers who can avail of the benefits freely. Excellent article to read!

  7. says

    Awesome post. I was think that with the tax credit extension wouldn’t know be a great time to really focus on getting a good tax return. Getting someone to prepare your taxes sounds expensive, but for the return you get it is well worth it.

  8. says

    Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010 i was hoping they extend this again because this is really great for home buyers :)

  9. says

    I Must get myself a replacement car sharpish, my vehicle’s roof is leaking and I got wet on the way to the shops. But hey, as I work for a vehicle leaisng company I can get whatever I need on Monday! Talk about perks of the job eh?

  10. says

    I will not debate with your endings merely because believe you are precise on the money! You’ve construct a valid situation for your ideas and now I know to complete with this distinctive topic. Gives Thanks for this impressive publish and that i arrive back for more.

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