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Tax Credit
Creates More Opportunities for Buyers
Coldwell Banker
Residential Brokerage
January 5, 2010 - When the federal government announced the first-time
home buyer's tax credit last year, the housing industry saw a wave of new
buyers eager to take advantage of an unprecedented opportunity.
Sellers enjoyed a pool of new buyers trying to meet a deadline. It
was a great move for buyers, sellers and our economy.
Now, with the recent extended and expanded tax credit adding current
homeowners to the buyer pool, up or down-sizing to a more desirable home
is more appealing. We are already beginning to see signs of additional
activity in the mid and luxury home markets. Please click
on the county graphs found in the list to the right to determine if
there is a trend already happening in your area.
Current homeowners who have lived in their primary residence for five of
the last eight years are eligible for a tax credit of up to $6,500. First
time buyers, which include buyers who have not owned a primary residence
in the last three years, are eligible for up to an $8,000 tax credit.
The tax credit is just that - a credit against your tax liability and
often results in a refund check. For example, a current homeowner
who qualifies for the $6,500 credit and has a 2009 tax liability of
$4,000, would be allowed a full tax credit of $4,000 and receive a check
for the remaining $2,500. Check with your tax accountant or
attorney about how the credit would work specific to your personal
situation.
Please remember me if you or someone you know is interested in selling a
home, I can help you take advantage of the tax credit before the April
30th deadline.
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