tax credit

New Tax Credit and Restrictions that Apply

By now most of you know that the extension of the tax credit was signed by the President last week.

I have posted information several times on the bill however the tax credit will only apply to purchases prior to April 30, 2010 and it is my belief that it will not be extended after that. My reasoning is this, we are going through the holiday season and winter months. That is usually the slowest time of the year, and since our economy is not great the government is trying to keep real estate sales going.

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Update on Tax Credit for Buyers and Sellers

This is the latest update regarding the regulations for the Tax Credit

TAX CREDIT UPDATE: The U.S. Senate and House have passed the bill that includes an extension and expansion of the home buyer tax credit. It now moves to President Obama for signature, which could happen as early as tomorrow.

Home Buyer Tax Credit Changes [PDF]

Frequently Asked Questions

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Tax Credit Extension for Buyers and Sellers

A Senate committee reached a compromise yesterday to extend the $8,000 tax
credit for first-time home buyers, a boost the housing industry expects will
help it pull out of its two-year-old downturn.

Lawmakers in Washington also added a $6,500 tax credit for other
primary-home purchasers and raised the qualifying income limits to $125,000
for single taxpayers and $225,000 for joint taxpayers, housing-industry
sources said.

Under the Senate panel compromise, buyers must have sales agreements in hand
by April 30, but they will have until June 30 to go to settlement, the
sources said. The measure still faces votes in the full Senate and the
House.

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Tax Credit for First Time Buyers Almost Over!

Tax Credit for New Home Buyers

Don’t let the U.S. Government Keep Your $8,000
Earlier this year, the government offered an unprecedented $8,000 to prospective home buyers just like you to help them get into a home.
And on November 30th, they’re taking it off the table.

It’s up to $8,000 that you can use for a downpayment or closing costs on your next home purchase:
No Repayments if you live there for 36 months
No Interest, because it’s not a loan
No Strings Attached, you can even get the money up front
They couldn’t have made it any easier for you to get the money. The only problem is that in less than 80 days it goes away forever.
What’s worse is that if you don’t act soon, you could lose out all together.

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Cash for Clunkers or Houses

I just was listening to the evening news and there is a new program going to take effect to help the ailing appliance industry. The statics are showing the industry as a whole is down 15% so the government will be giving anyone who buys a new energy saving appliance a credit of up to $200 or a rebate.

I find this very interesting and I do agree that we need to do something to help Americans who are not making any money, however the bigger pictures is the housing industry. Based on a report that I was given $63,000 goes into the economy for every house sold. Of course that is over a period of years and includes taxes.

We must get the housing market going again and not just short sales or foreclosures, but middle America. We need a $15,000 tax credit to any buyer this next year. Please contact your Senators and Congressmen and ask for help with the housing market in terms of a credit for all buyers.

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2009 First-Time Homebuyer Tax Credit Infomation

I just read this article regarding the new tax credit for first time homes buyer and there are just so many questions on this  incentive for first time home buyers, I thought it would be good information to share.  

Please click this link:

Homebuyer Tax Credit Questions and Answers

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