These credits will soon disappear…
By: Rob Jordan
First time buyers are entitled to received a tax credit of up to $8,000 if they purchase a home prior to June 30, 2010. But the window of opportunity is closing. The home must be in escrow by April 30, 2010.
This is a true cash credit you can deduct right off your taxes. And if you don’t owe $8,000 in taxes, you even get the money back from the IRS!
The rules are simple:
1. Be a first time buyer.
2. Buy a new home.
3. Meet the income requirements (up to $145,000 individual; $245,000 couple).
4. Get the credit!
For first time, low to mid range buyers, this is great opportunity. Say you’re buying a home for $400,000, using FHA financing (3.5% down). Your down payment is $14,000. But you get the $8,000 back on your taxes. So your net out of pocket is only $6,000! Wow! In the Agoura, Oak Park and Westlake Village areas, there are lots of wonderful homes in all price ranges that are terrific candidates for first time buyers.
There is a similar credit for move-up buyers, to a maximum of $6,500. So even if you sell they buy, you may be entitled to a tax credit. Consult your tax advisor to see how this program affects your individual situation.
Information provided by Rob Jordan, Estate Agent at Ewing and Associates/Sotheby’s International Realty. Specializing in Agoura/Oak Park/Westake Villae sales and leases. Contact Rob at 818.237.4425,or email to rob@robjordanhomes.com
EwingSIR does not guarantee information contained in this blog, readers are encouraged not to rely solely on this information and to do their own independent research of facts contained herein. Blog information was obtained from independent sources that we do not endorse, and we do not investigate this information for accuracy.
