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1650 RUSSELL LEE DR. |
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LOUISVILLE, KY 40211 |
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LP. $169,975 |
Status |
ACTIVE |
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1455
CYPRESS ST |
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LOUISVILLE, KY 40210 |
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3150
N. HWY 53 |
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LA
GRANGE, KY 40031 |
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LP. $475,000 |
Status |
ACTIVE |
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1115
WEEPING WILLOW |
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LA
GRANGE, KY 40031 |
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BREAKING
NEWS: Obama Signs Homebuyer Tax Credit Extension
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RISMEDIA, November 6,
2009—President Barack Obama has approved the
first-time homebuyer tax credit extension which
will extend the tax credit until April 30, 2010.
The extension is part of a $24 billion economic
stimulus bill that will extend the $8,000 tax
credit for homebuyers who are purchasing their
first home from the current November 30 deadline
and expands the program to offer a credit of
$6,500 to homeowners who have lived in their
current home for at least five years and are
seeking to relocate. |
The following details apply to the homebuyer tax
credit expansion:
Who is Eligible
-First-time homebuyers, who are defined by the law as
buyers who have not owned a principal residence during
the three-year period prior to the purchase, may be
eligible for up to an $8,000 tax credit.
-Existing homeowners who have been residing in their
principal residence for five consecutive years out of
the last eight and are purchasing a home to be their
principal residence (“repeat buyer”), may be eligible
for up to a $6,500 tax credit.
-All U.S. citizens who file taxes are eligible to
participate in the program.
Income Limits
Homebuyers who file as single or head-of-household
taxpayers can claim the full credit ($8,000 for
first-time buyers and $6,500 for repeat buyers) if their
modified adjusted gross income (MAGI) is less than
$125,000.
-For married couples filing a joint return, the combined
income limit is $225,000.
-Single or head-of-household taxpayers who earn between
$125,000 and $145,000, and married couples who earn
between $225,000 and $245,000 are eligible to receive a
partial credit.
-The credit is not available for single taxpayers whose
MAGI is greater than $145,000 and married couples with a
MAGI that exceeds $245,000.
Effective Dates
-The eligibility period for the tax credit is for homes
purchased after Nov. 6, 2009, and before May 1, 2010.
However, home purchases subject to a binding sales
contract signed by April 30, 2010, will qualify for the
tax credit provided closing occurs prior to July 1,
2010.
Types of Homes that Qualify
-All homes with a purchase price of less than $800,000
qualify, including newly-constructed or resale, and
single-family detached, townhomes or condominiums,
provided that the home will be used as their principal
residence. Vacation home and rental property purchases
do NOT qualify.
Tax Credit is Refundable
-A refundable credit means that if the amount of income
taxes you owe is less than the credit amount you qualify
for, the government will send you a check for the
difference.
-For example:
-A first-time buyer who qualifies for the full $8,000
credit who owes $5,000 in federal income taxes would pay
nothing to the IRS and receive a $3,000 payment from the
government. If you are due to receive a $1,000 refund,
you would receive $9,000 ($1,000 plus the $8,000
first-time homebuyer tax credit).
-A repeat buyer who owes $5,000 would pay nothing to the
IRS and receive $1,500 back from the government. If you
are due to get a $1,000 refund, you would get $7,500
($1,000 plus the $6,500 repeat buyer tax credit).
-All qualified homebuyers can take the tax credit on
their 2009 or 2010 income tax return.
Payback Provisions
The tax credit is a true credit. It does not have to be
repaid unless the home owner sells or stops using the
home as their principal residence within three years
after the purchase.
Compare Tax Credits
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Click here to
start searching for your NEW HOME!!!
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George
Blissett, REALTORS®, eRES, FTHBD, SRIS, SNCS,
SRS, MSS
Semonin REALTORS, 4967 US Hwy 42, Suite
100,
Louisville, KY 40222
Phone: 502.329.5268 Toll Free:
1.800.626.2390
©2001-2009 Semonin REALTORS. A
HomeServices of America, Inc. company. All
rights reserved.
Email:
webmanster@georgeblissett.com |
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