Home Buyer Tax Credits (Contract to buy or sell by April 30, 2010)...

Federal tax credits are available to home buyers (with restrictions and deadlines).  These credits should ignite some new market activity for both home buyers and sellers to take advantage of.  If you've been considering buying or selling a contract must be in place by the end of April to take advantage of these first time and existing home owner/buyer tax credits.  Are these credits encouraging you to buy or sell?
  • January 17 2010 - Sherwood
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Answers (7)

Profile picture for sunnyview
People that would like more information about both the first time home buyers credit or the repeat buyers credit can get all the details here or directly from the IRS here.
  • January 18 2010
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Profile picture for Florida Honey
i AM INTERESTED IN SELLING MY HOME SO THAT I CAN MOVE TO  THE SMYRNA AREA. WHAT ARE THE TAX CREDITS I MIGHT QUALIFY FOR?
  • January 19 2010
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Florida Honey

Have you owned your current home for at least the last five years and has this been your primary residence for the entire time? 

If so, you may qualify for up to $6,500 in tax credits (10 percent of purchase price of a new home up to $6,500). You would need to have the home under contract by April 30th 2010 and closed by June 30th 2010 to get the credit. 

There are other qualifiers to this program. See the link for more information.

http://www.federalhousingtaxcredit.com/faq2.php 
  • January 19 2010
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Profile picture for tonyquin2010
I think Tax credits differs from Cash Back, how much would $10,000
tax credit mean as far as income tax refund goes?

Or does $10,000 tax credit mean $10,000 tax refund?
  • January 31 2010
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The federal tax credit only goes UP to $8,000. There might be some state credits, but I am not familiar with programs in your state. 

If you owe absolutely zero taxes when you claim the tax credit and you qualify for the maximum of $8,000- you will get a check for $8,000. Obviously if you owe taxes they will be deducted from whatever tax credit you receive from the IRS.
  • January 31 2010
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Profile picture for tonyquin2010
WOW
That is motivating!
That is like buying for $8,000 under current market value.
A very stimulating amount, good for cashflow, heck that would cover
one year of mortage payments.

Thank You.
  • January 31 2010
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If you think about it the $6500 tax credit for existing home owners to buy their next house covers some commission on selling the existing home.  It's a nice incentive to move if you've been considering the idea. 

  • February 11 2010
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