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Home Buyer Tax Credit - IRS Notes

by Victoria Luhring Realty Blog

          Want to know more about the Home Buyer Tax Credit.  Weather you qualify for the 8000 tax credit or the 6500 tax credit you will want to watch this Video.  You'll get some information from you IRS that will help with some of the questions you may have. 

Tax Credit for Home Buyers

by Victoria Luhring Realty Blog

                         Extended Home Buyers Tax Credit

The Extended Home Buyers Tax Credit offers current homeowners and first-time home buyers alike an incredible tax-saving opportunity when they buy a home through April 30, 2010. Here are the details:

First time buyers, who haven't owned a primary residence in the past three years, are eligible for a tax credit of 10 percent of a home's purchase price, up to a maximum of $8,000.

Current homeowners, who are vacating a principle residence that they have lived in for 5 of the past 8 years, are eligible for a tax credit of 10% of a home's purchase price, up to maximum of $6,500.

The following conditions apply:

  • Full tax credit is available to buyers earning up to $125,000 a year, or $225,000 for married couples filing jointly
  • Partial tax credit is available to buyers earning between $125,000 to $145,000, or for married couples earning between $225,000 to $245,000
  • The tax credit is only awarded on homes purchased for $800,000, or less
  • Under the rules, as long as a written binding purchase contract is in effect on April 30, 2010, the buyer has until July 1, 2010 to close

The tax credit is a dollar-for-dollar reduction in the buyers tax liability, and does not have to be paid back as long as the buyer remains in their home for three years or more. This is a once-in-a-lifetime offer to have Uncle Sam help you buy a house. Don't let this opportunity pass you by!

If this doesn't answer your questions:  We have many ways to learn more about this Tax Credit.  Search through the blog under stimulus package to find some simple Video's that help buyers evaluate if they can qualify.   Feel free to contact me and I can go over this Tax Credit in more detail. 

Tax Credit Video - Available for You

by Victoria Luhring Realty Blog

Still have Questions about the Tax Credit

Home Buyers Tax Credit - Do you Qualify
It's not just for First Time Home Buyers!
See This Video or Read

 

Home Buyer Tax Credit - New Extended Version

by Victoria Luhring Realty Blog

The 8,000 Home Buyer Tax Credit has been extended.  With this news also comes added revisions that will make it possible for others to qualify.

Now- It's not just for First Time Home Buyers - You may qualify
Now - They have raised the wage cut off point.

Basics to the Homebuyer Tax Credit - Extended and Revised.

Extended Home Buyers Tax Credit 2010

by Victoria Luhring Realty Blog

          Get the Basics on The Home Buyers Tax Credit Extended Upgrades

The Home Buyers Tax Credit for 2009 was for first time home buyers that purchased a residential home till Dec. 1 2009.  But the Extended version has made it possible for others to qualify till April 30, 2010.

The Extended version Of the Home Buyers Tax Credit - you now may qualify if you didn't before.  The income level has risen and no longer is it limited to first time home buyers. 

 Which Properties Are Eligible?

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

How Much Is Available?

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

Pay Rate to Qualify?  Effective Nov. 7, 2009
Wage earnings for a Single Income has jumped to 125,000
Wage earnings for Family Income has jumped to 225,000.

Do you have to be a first time Home Buyer?
No! 
First-time home buyers who purchase homes between November 7, 2009 and April 30, 2010 still can qualify for the 8,000 Home Buyers Tax Credit. But Home owners purchasing a home can now qualify too.
 
I own a home - can I qualify for the Tax Credit?

  • Yes! 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 consecutiveyears within the last eight.  With this Extended Version to the Tax Credit, you may be eligible for 6,500 tax credit.

  • If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?

Yes, some buyers may still be eligible for the credit.

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.

Can a Buyer Still Qualify If He/She Closes After April 30, 2010?

Under the Extended Home Buyer Tax Credit, as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.

Will the Tax Credit Need to Be Repaid?

No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale.

8,000 Tax Credit Home Buyer-Video

by Victoria Luhring Realty Blog

            If After you have read My Page on the 8,000 tax credit and still have question see this Video.  Don't forget to see the link to the Toledo Ohio Downpayment Assistance Program.  Also I have added the resource to finding ways to leverage the tax credit toward downpayment. 

               

Stats and 8,000 Tax Credit

by Victoria Luhring Realty Blog

      This Video Touches on Market Conditions, 8,000 Tax Credit, Home Buyers Downpayment and Defining Two Banking Terms.

See Video:

Toledo Downpayment Government Assistant Progra m

by Victoria Luhring Realty Blog

Toledo Government Downpayment Assistance Program

http://www.toledo.ohio.gov/Portals/0/departments/downpayment-assistance.pdf
It's not for everybody, but you may qualify.  Apparently this can be used in conjunction with the tax credit program for first-timers, but be careful about timing.  With a government program involved it may be difficult to close prior to the expiration of the tax credit.  Also, be sure to note this has a 5-year recapture provision.

Benefits of a Concrete Home

by Victoria Luhring

                    Cost Savings when Building New

Save money on your home cooling and heating bills by building a concrete home.  It also adds stability and appears like any other home.  See more everything you need to know about Building a Concrete Home

Many programs are in place for home energy savings.  Contact the supplier, builder and your State Representative to see if this Energy Savings building methods qualifies for any tax incentives. 

Use 8,000 Tax Credit as Down Payment

by Victoria Luhring

                              Newest Release                            


Use the $8,000 Home Purchase Tax Credit on closing cost or buy down interest. It's starting to pop up everywhere but here is the Newest hope for home buyers from FHA/HUD- Click for Information


Missouri Housing Program appears to have started this new idea of allowing the tax credit to go toward down payment.  To put it simply: you get a second mortgage at little or no interest, to be paid back with your Tax Credit Money.   Idaho Housing and Finance Association is now offering this options also.  And the Link above shows FHA/Hud has broaden the availability of using the 8,000 tax credit in other ways.

Some state finance agencies have programs in place that will allow you to use the Tax Credit as a downpayment and closing cost,  in the form of a second mortgage secured by the refund and to be repaid upon receiving that credit. 

Leverage your tax credit for downpayment in Ohio. 

I have currently suggested this program to one of our local banks and if they start to offer this program, I will keep everyone informed.

If you know of any local banks offering this:  Let me know because I would like to post the information. 

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Displaying blog entries 1-10 of 22

Contact Information

Photo of Victoria's Luxury Home Team Real Estate
Victoria's Luxury Home Team
The Danberry Co. Realtors
3555 Briarfield
Maumee OH 43537
Cell : 419-460-5587

    

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