Judi Bryan
Broker
Executive Realty Group
(630) 605-8902
 eMail
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$8,000 Home Buyer Tax Credit
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Home Buyer Tax Credit This $8,000 Tax Credit is available for qualified First Time Home Buyers purchasing a home between January 1, 2009 and November 30, 2009 April 30, 2010 (must close escrow by June 30, 2010). Here are some of things you should know: - Purchasing a "home" means the property will be your PRINCIPAL RESIDENCE...you are purchasing the property to live in it
- The home can either be an "attached" or "detached" single family property, so houses, townhouses, duplexes, condos, quads, etc., all qualify.
- The extended program now in effect is also EXPANDED TO INCLUDE QUALIFIED PURCHASES BY PEOPLE WHO EITHER CURRENTLY OWN, OR HAVE PREVIOUSLY OWNED A HOME IN 5 OF THE LAST 8 YEARS
The following table will help clarify some of the specifics of this Home Buyer's Tax Credit program: FEATURE | January 1, 2009 -
Nov 30, 2009
| November 7, 2009 –
June 30, 2010 | | First-time Buyer Amount of Credit | $8000 ($4000 married filing separate) | $8000 ($4000 married filing separate) | | First-time Buyer Definition for Eligibility | May not have had an interest in a principal residence for 3 years prior to purchase | Same | | Current (or prior) Homeowner Amount of Credit | No provision | $6500 ($3250 married filing separate) | | Effective Date Current Owner | No provision | November 7, 2009 | | Current Homeowner Definition for Eligibility | No provision | Must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years | Tax credit program ends
| Contract dates after November 30, 2009. (extended to April 30, 2010) | Contract dates after
April 30, 2010 | | Binding Contract Rule | None | So long as a written binding contract to purchase is in effect by April 30, 2010, the purchaser will have through June 30, 2010 to close escrow | | Income Limits | $75,000 – single $150,000 – married Additional $20,000 phase out | $125,000 – single $225,000 – married Additional $20,000 phase out | | Limitation on Cost of Purchased Home | None | $800,000 November 7, 2009 | | Purchase by a Dependent | No provision | Ineligible November 7, 2009 | | Anti-fraud Rule | None | Purchaser must attach documentation of purchase to tax return | Information source National Association of Realtors, Government Affairs Division Sounds too good to be true? Find out how you can take advantage of this $8,000 tax credit to buy the home of your dreams. You can also check out the FAQs about the tax credit (who qualifies and how) at the IRS website
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Inquiry Form
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For nearly 30 years, I've been helping folks just like you find "just the right home!" When it's a "first home", it's even more exciting! Let me help guide you through the process all the way from the initial home search, through preparing your offer, negotiations, inspection, closing, and beyond!
I'd love to hear from you! Feel free to call me at (630) 605-8902 or complete the form below:
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Home Buyer's Survival Kit
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