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Monday, February 8, 2010

Real Estate Tax Benefit

It seems like a little while away, but the filing tax deadline in April will be here before you know it. To best take advantage of the credits you deserve, make sure you do your research. And, if you're a homeowner, tThere's a Real Estate Tax Benefit that you should be aware of. Here are some of the details:
  1. First-time homebuyers, or those who have not owned a home in the last three years, can receive up to an $8,000 tax credit.
  2. Homeowners living in their current home consecutively for at least five of the last eight years can receive a credit of up to $6,500. This group's property must be under $800,000. Look for the term "move up buyer" when you do your research.
  3. All qualified, future homebuyers should get busy to take advantage of this. Get a written, binding contract by April 30th (which is when the tax credit expires) and close no later than June 30th.
  4. The income cap has been raised to $125,000 for singles and $225,000 for married.
This is a positive thing for homebuyers, but it's important for our economy as well. Every time a home is sold in this country it creates a job for the next 12 months and $60,000 (per sale) goes into the local economy. (Check the National Association of Realtors for more details and statistics.)

For additional information, be sure to click the link in the first paragraph and view the video.

If you can't view the video try switching to Internet Explorer.
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