Federal Tax Credit Extended - What You as a Buyer Need to Know

Reblogger Marzena Melby
Real Estate Agent with Coldwell Banker Burnet Realty

Twin Cities MN home buyers and sellers should remember that they have a great opportunty to earn some extra cash from the federal government just for buying a new home NOW.  Back in November, Congress approved the stimulus program extension and expansion. Here are the details as explained by Debe Maxwell.

Original content by Debe Maxwell 228209

Federal Tax Credit Extended - What You as a Buyer Need to Know

$8000 Federal Tax CreditTax Credits are available for both first time home buyers as well as those purchasing primary residences who have owned a home for 5 of the last 10 years. Condos, townhomes and single family homes apply and the maximum purchase price is $800,000.  Two income caps have been set:

  • If an individual makes $125,000 or higher, they will not be eligible.
  • If a couple's joint income is $225,000 or higher, they will not be eligible.


The federal tax credit application form can be found here (IRS form 5405).  

Here's a quick video version of the new federal tax credit explanation as well. (Scroll to the bottom of the web page to view the video).

This new bill is going to cost $10 billion just for the home buyer tax credit.  Here's a more detailed version of the explanation of the extended $8,000 and $6,500 federal tax credit:

 

 

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Comments 5 New Comment

Rainmaker
1,365,542
Tom Braatz
Waukesha County Realtor Real Estate agent,Waukesha
Re/Max Realty Center 262-377-1459

Marzena

The tax credit is one of the best things to happen in a long time.

January 11, 2010 02:45 PM
Rainmaker
201,188
Marzena Melby
Realtor, Twin Cities Minnesota Real Estate
Coldwell Banker Burnet Realty

Yes, it is, Tom. Many buyers are getting a great start in their new homes thanks to the extra cash.

January 11, 2010 02:50 PM
Ambassador
1,247,150
Debe Maxwell
Charlotte Homes for Sale - Charlotte Neighborhoods
www.AtHomesCharlotte.com | Savvy + Company Real Estate

Hi Marzena!  What a wonderful compliment that you re-blogged this for your area!  Thank you so much!

Happy Selling...

January 15, 2010 12:54 AM
Rainmaker
1,753,849
Gita Bantwal
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel
RE/MAX Centre Realtors

Marzena, Thanks for the reblog. I hope consumers will see this post and call you to buy a home.

February 02, 2010 05:54 AM
Rainmaker
201,188
Marzena Melby
Realtor, Twin Cities Minnesota Real Estate
Coldwell Banker Burnet Realty

Debe and Gita,

Great articles should be read by as many consumers as possible.  I hope the market in your areas is moving briskly.

 

 

February 02, 2010 10:08 AM
Rainmaker
201,188

Marzena Melby

Realtor, Twin Cities Minnesota Real Estate
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