2010 Jan 19th

January – Upswing of Sellers & Buyers want to take advantage of the tax incentives

Categories: Atlanta Real Estate News

I was just talking with my husband, Greg,  about the upswing in showings we are having in our Listings! And our phone is ringing with Buyers! Not sure if its everyone is receiving their W2′s – realizing they need to buy a home to get some shelter from taxes – or – more than likely, they are out shopping for a new home to take advantage of the Tax Incentive – you have to be under contract by April 28, 2010 … whichever the reason, NOW is the time for Sellers to Sell and Buyers to Buy … see below for the details! Take advantage of this awesome Atlanta Real Estate Market! We’d love to help you! Contact us … The Bankston Group | Keller Williams Atlanta Perimeter

 The Move-Up/Repeat Home Buyer Tax Credit

In addition to extending the First-Time Home Buyer Credit of $8,000, Congress also created a tax incentive for repeat home buyers.

 

Effective Dates:  purchases made after November 6, 2009, and closes by June 30, 2010 (based on a binding sales contract signed by April 30, 2010).

 

Who is eligible?  a person who has owned and resided in the same home for at least 5 of the 8 years prior to buying a new home.  The new home must be used as a principal residence.  The buyer can not purchase from family members or a spouse’s family members.

 

How much is the credit?  10% of the purchase price up to a maximum of $6,500.  Homes over $800,000 are not eligible.

 

Does the taxpayer have to pay the credit back?  Not if the home is owned and occupied for at least 36 months.

 

Income Limits:  $125,000 for single taxpayers and $225,000 for married taxpayers filing a joint return.  There is a phase-out phase range for single incomes up to $145,000 and joint incomes up to $245,000.

 

* The tax credit is a straight dollar-for-dollar reduction of your income tax bill

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This entry was posted on Tuesday, January 19th, 2010 at 7:44 pm and is filed under Atlanta Real Estate News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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