Tuesday, November 10, 2009

NAR lays out the new home buyers tax credit rules

If you have been in the real estate market recently, you are most likely aware that Congress just passed an extension of the First Time Home Buyers Tax Credit. This time, however, the credit extends to all buyers of homes under $800,000, and not just first time home buyers. The credit to non-first time home buyers is $6,500. Here is how the credit works. You find a home and close on it as usual. You then request the tax credit on your end of year tax return. This time, the IRS requires the buyer submit proof of the purchase with your return. The chart below, published by the NAR, does a good job laying out the details and restrictions of the credit.

Mortgage rates are low, inventory is high, and now there are big buyer incentives to boot. If you've ever thought about moving, this is the time. Call me today at 645-8608 for a no cost or obligation home buying consultation and a free buyer pre-approval.

National Assoc. of Realtors explains the new tax credit

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