About 70 percent of current homeowners will now be eligible for the Extended Home Buyer Tax Credit, said Goldman Sachs economist Alec Phillips, in a Nov. 6 issue of U.S. News and World Report. What started out last February as an incentive for first-time homebuyers, was extended in early November to nearly two-thirds of those who currently own their own homes and to most first-time homebuyers who are buying today.
Tax credits of up to $8,000 are available for first-time homebuyers; and as much as $6,500 in tax credits is available to current homeowners who have their next primary residence under contract by the end of April 2010. The transaction for this home would need to close by no later than June 30, 2010.
There are some excellent resources available through the National Association of Realtors explaining how the extended tax credits may be applied, including the: (1) Tax Credit Comparison Chart; (2) Home Buyer Tax Credit FAQ; (3) the President’s Podcast: Tax Credit Expanded and Extended; and (4) the Tax Credit as Down Payment on FHA Mortgage flier. If you would like any of these copies, feel free to email me at ljanes@markthomasrealty.com.
Also, here are some good links to Tax Credit Resources through the Internal Revenue Service: (1) Important Facts: Extended Home Buyer Tax Credit; (2) Extended Home Buyer Tax Credit Information; (3) Tax Credit Form 5405; and (4) 2008 Home Buyer Tax Credit FAQ.
Of course, if you have specific questions or need additional information, you should always contact your tax professional; or call the Internal Revenue Service at 800-829-1040.
For more resources, here is the National Association of Realtors' article on how the Extended Home Buyer Tax Credit can it can help prospective home buyers become part of the American dream.
The Extended Home Buyer Tax Credit: The Basics for Homebuyers and Homeowners from the National Association of REALTORS.
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