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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Show All Comments
Rainmaker
1,398,508
Tom Braatz
Re/Max Realty Center 262-377-1459 - Oconomowoc, WI
Waukesha County Realtor Real Estate agent,Waukesha

Marzena

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

January 11, 2010 02:45 PM #1
Rainmaker
201,298
Marzena Melby
Coldwell Banker Burnet Realty - Richfield, MN
Realtor, Twin Cities Minnesota Real Estate

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 #2
Ambassador
1,260,493
Debe Maxwell
www.AtHomesCharlotte.com | Savvy + Company Real Estate - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

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 #3
Rainmaker
1,880,792
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

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 #4
Rainmaker
201,298
Marzena Melby
Coldwell Banker Burnet Realty - Richfield, MN
Realtor, Twin Cities Minnesota Real Estate

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 #5
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Rainmaker
201,298

Marzena Melby

Realtor, Twin Cities Minnesota Real Estate
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