First Time Home Buyer Tax Credit Approved
November 5th, 2009 categories: First Time Home Buyer Info
By a Vote of 98-0
As was expected and over reported on 
, the FTHB tax credit legislation has been approved by the House of Representatives. President Obama is projected to sign the bill by next Friday.
Plan Revised
While FTHB’s will continue to get the $8K credit if in contract by Apri
l 30th, the new legislation also includes a tax credit for move up buyers of $6500 if, as with the FTHB, they are in contract by April 30th and close by June 30th.
Move up buyers must have been in their present home for 5 years to qualify for the tax credit.
Click here for a comparison chart from the NAR!
Income Levels
The income levels have also been extended from $75K for a single person and $150K for a couple to $125K and $225K respectively.
That opens the door to more buyers over the course of the next 6 months and will go a long way to increasing sales nationwide.
Now all we need are some homes to sell!!
Pros & Cons
As with everything, there are up sides and down sides to the tax credit but overall, my opinion is that it will help some people who really need the help to get into a home.
It will be icing on the cake for everyone else. Except investors.
The way this appears is that the tax credit will only be for those looking to occupy their homes and not non owner occupied buyers which makes sense.
Have questions? Use this link as a resource. Click here.
Thanks for visiting!
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First Time Home Buyer Tax Credit To Be Extended
October 27th, 2009 categories: First Time Home Buyer Info
U.S. Senate Could Approve This Week
According to an article posted on APP.com , Senator Bill Nelson of Florida is citing that the tax credit should be extended later in the week through 2010.
Gradual Reduction
Although the tax credit will be extended, it could be reduced gradually throughout the year.
Buyers purchasing from the time of the extension will get the full $8,000 to April 1st. After April 1st, the tax credit will be reduced $2000 per quarter to the end of the year.
Personally, I think this is a great idea. It promotes purchases in the otherwise slow selling season and puts pressure on buyers to get their purchases behind them to take full advantage of the tax credit prior to April 1st.
Two Proposals
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First Time Home Buyer Tax Credit
August 28th, 2009 categories: Market Commentary
Will Congress Extend The $8K Tax Credit?
As many of you know, the $8000, first time home buyer tax credit expires on November 30th. There has been rumors that Congress will extend it now that the housing statistics nationwide are beginning to improve and a bottom appears to be in sight. (“appears” being the operative word!)
An article in the Wall Street Journal this week
cited about the best evidence that I’ve heard making a case for the extension of the tax credit.
Beyond the fact that our country in deeply in debt and can probably ill afford additional losses in tax revenue, housing is believed to be at or near the bottom as indicated by the nationwide increase in sales. (click here for the MSNBC article)
Additionally, there are many economic factors that indicate that the end of the recession is nearing and sustainable growth could be just around the corner.
Does Congress want to stifle the little growth that housing has showed this year?
Probably not when there are votes on the line…sorry folks, that’s just how it works.
The Argument
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First Time Home Buyer Tax Credit
August 6th, 2009 categories: Local Real Estate Info
Ends November 30 – The Clock Is Ticking!
Buying your first home can be very stressful! While getting an $8000 tax credit can make it easier, there is still a lot of stress involved.
Getting the credit, though, is very easy to do and I thought I’d outline the steps involved so there is at least one less thing to worry about. Here is what you need to do to get the credit:
1) Close escrow on your new home by Novemeber 30, 2009.
2) Make sure you’re qualified for the tax credit under IRS guidelines.
3) Decide which year to file. Amend 2008 or file it with your 2009 return.
When To Apply
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