Now You Have Thousands of Reasons to Buy a House

Now You Have Thousands of Reasons to Buy a Housefederal tax credits

 
The Federal Housing Tax Credit has been extended and expanded. I’ll explain it here. If you are thinking about buying a home in Tigard, you need to start acting now. If you have further questions, give me a call.

$8000.00 first-time home buyer tax credit

• First-time home buyers qualify for $8000.00 if they have not owned a principle residence during the 3 years prior to the purchase.
• The tax credit does not have to be repaid if you live in the house for 3 years.
• The tax credit equals 10% of the home purchase up to $8000.00.
• The purchase price of the home cannot exceed $800,000.00.
• The sale has to be completed by April 30, 2010. A binding sales agreement that is signed by April 30, 2010 and the purchase completed by June 30, 2010 will qualify.
• To receive the full credit, the income limit for single taxpayers is $125,000 and $225.000 for married couples.

$6500.00 move-up or repeat buyer tax credit

• To claim the tax credit, you must have owned and lived in the home for 5 consecutive years out of the previous 8 years.
• The tax credit does not have to be repaid if you live in the house for 3 years.
• The tax credit equals 10% of the home purchase up to $6500.00.
• The purchase price of the home cannot exceed $800,000.00.
• The sale has to be completed by April 30, 2010. A binding sales agreement that is signed by April 30, 2010 and the purchase completed by June 30, 2010 will qualify.
• To receive the full credit, the income limit for single taxpayers is $125,000 and $225.000 for married couples.

The tax credit will reduce your federal income taxes for the year. If you do not owe that much in taxes, Uncle Sam will send you a check for the difference.
Wayne B. Pruner is a Realtor® at Oregon First, who works in the Tigard, Oregon area. He is ready to help you with all your real estate needs and he is also a licensed contractor. Wayne knows houses. His phone number is 503-891-0795. Here is a link to his Active Rain blog.

If you have any questions about Tigard real estate, give me a call. You will get straight answers with no sales pressure.

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