$8,000 FIRST-TIME HOMEBUYER TAX CREDIT EXTENDED & EXPANDED
HomeBuyer Tax Credit
We Have News To Tell…. the Home Buyer Tax Credit Has Been Extended and Expanded…
From now until April 30, 2010, first-time home buyers and move-up buyers have another great reason to get on the path to purchasing a new home! The benefit to first-time homebuyers is a tax credit up to $8,000 and for move-up buyers a tax credit up to $6,500.
At a Glance:
FIRST TIME BUYERS
Credit: Equal to 10 percent of the home's purchase price, up to $8,000
Who Qualifies?
· Those who haven't owned property in the last three years
· Those with income up to $225,000 for couples or $125,000 for individuals (credit phases out for people who make more than these amounts)
· Must be at least 18 years of age to claim credit
· Purchase price must be $800,000 or less
Deadlines:
· Have until April 30, 2010, to enter into a contract for a home purchase
· Have until June 30, 2010, to close on the purchase
. The deadline is extended by a year for members of the military who have served outside the U.S. for at least 90 days from Jan. 1, 2009 to May 1, 2010.
CURRENT HOMEOWNERS
Credit: Equal to 10 percent of the home's purchase price, up to $6,500
Who Qualifies?
· Those who have owned and lived in their principal residence for at least five consecutive years during the past eight years
· Those with income up to $225,000 for couples or $125,000 for individuals (credit phases out for people who make more than these amounts)
· Must be at least 18 years of age to claim credit
· Purchase price must be $800,000 or less
Deadlines:
· Have until April 30, 2010, to enter into contract for a home purchase
· Have until June 30, 2010, to close on the purchase
In addition, buyers have another year to take advantage of the higher loan limit for mortgages backed by the Federal Housing Administration, Fannie Mae or Freddie Mac set at 125 percent of local median home sales prices, up to a maximum of $729,750 in high-cost housing markets. The limit in normal markets will remain $271,050 for FHA and $417,000 for Fannie Mae and Freddie Mac.
PLEASE NOTE: The tax credit does not have to be repaid provided you live in the new home for a minimum of three years. Military families are exempt from this stipulation.
Purchaser must attach documentation of purchase to tax return.
Please remember to consult with a tax professional for individual eligibility and implications of the Homebuyer Tax Credit.
What is the First-Time Homebuyer Tax Credit?
A tax credit is a dollar-for-dollar reduction in what the taxpayer owes in income taxes. To qualify for the tax credit, a home purchase must occur on or after Jan 1, 2009 and before December 1, 2009 and the taxpayer must meet the annual income requirements. For the purposes of tax credit, the purchase date is the date when closing occurs.
How much is the new homebuyer tax credit?
The tax credit is equal to 10% of the qualified home purchase price, but the credit amount is capped or limited at $8,000. For many first-time homebuyers, this means the credit will equal $8,000.
Who is eligible for the tax credit?
A “first-time homebuyer” is defined as a buyer who has not owned a principal residence during the three-year period prior to the purchase. First-time homebuyers purchasing any kind of home, new or resale, may be eligible for the tax credit. For more information on the details of the bill visit: www.federalhousingtaxcredit.com
Does the tax credit need to be repaid?
No, homebuyers will not be required to repay the credit to the government, as long as the purchase is made between January 1, 2009 and December 1, 2009. This tax credit is designed to help make home buying possible for first-time buyers. CENTURY 21® Sales Professionals can help you understand how to take advantage of this temporary incentive. Get started on the path to your first home and contact a CENTURY 21 Sales Professional by visiting a local Century 21 Office in your area, century21.com or calling 800.C21.GOLD. Before you decide to use the first-time homebuyer tax credit, please consult with a tax professional. The time is right to close on your dream home. And now with the recent signing of a major housing stimulus bill, it’s an even better time to buy. On February 17th, 2009, the American Recovery & Reinvestment Act 2009 was passed, which includes a new, temporary tax credit as an incentive for first-time homebuyers. With this bill, first-time homebuyers may qualify for up to $8,000 in a tax credit for the purchase of a principal residence.
Facts on the First-Time Homebuyer Credit* century21.com *Consult a tax professional for details *Source: H.R. (1) American Recovery & Reinvestment Act 2009. Remember to consult a tax professional for details. Credit expires December 1, 2009.
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CENTURY 21 ACTION REALTY TOPS IN PRODUCTION AND QUALITY SERVICE!!!
CENTURY 21 Action Realty was alone at the Top as we were awarded the Century 21 Gold Medallion and Quality Service Awards for 2008. Our office lead the CENTURY 21 Coastal Council in Real Estate Production and Service. In a year that was tough on the real estate business in general ... CENTURY 21 Action Realty remained strong and would like to thank the Hinesville/Fort Stewart community for the continued loyalty and support that helped to push us to the Top...AGAIN!! Thanks everybody!!!
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In the market for land for sale in Hinesville, Georgia (GA)? Or perhaps you're looking for residential land for sale in coastal Georgia. Whatever you're in the market for, we have many residential lots and commercial land for sale in Hinesville and Liberty County, near Fort Stewart, Midway, and coastal Georgia. You can search for and view these properties and others, by visiting the "Buyers" link at the top of the page and clicking on "Search Properties." Have a look and contact our office or one of our real estate agents and we'll be glad to assist you viewing the property.
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Looking for a home for sale in Hinesville, GA, near Fort Stewart? Well, it's a great time to buy a home, or perhaps a condominium, or townhouse! It's definitely a buyer's market. We have homes for sale to meet every need. Perhaps you need to be near Fort Stewart. No problem! We have them. Maybe you're looking for a home in Coastal Georgia. We have those, too! Just search the properties on our website and contact our office or any of our agents and we'll be glad to help you find the perfect home for you!
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We understand just how stressful the demands of a military relocation can be. We'd like to assist you, our military members and families, during this time of transition to a new home and community. We've prepared a special Relocation Assistance Packet" of information concerning our community and available homes. Click here for more information.
"Four Worms and a Lesson"
A minister decided that a visual demonstration would add emphasis to his Sunday sermon.
Four worms were placed into four separate jars.
The first worm was put into a container of alcohol. The second worm was put into a container of cigarette smoke. The third worm was put into a container of chocolate syrup. The fourth worm was put into a container of good clean soil.
At the conclusion of the sermon, the Minister reported the following results:
The first worm in the alcohol...dead. The second worm in the cigarette smoke...dead. The third worm in the chocolate syrup...dead. The fourth worm in the good clean soil...alive.
So the Minister asked the congregation... What can you learn from this demonstration?
An elderly lady named Maxine, sitting in the back, quickly raise her hand and said,
"As long as you drink, smoke, and eat chocolate, you won't have worms!"
That pretty much ended the service...