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2010 Homebuyer Tax Credit
$8,000 for home purchases 11/1/09 - 4/30/2010
Applies to first time homebuyers and homebuyers that haven't been on a home title for 3 years. See below regarding $6500 for current homeowners.
The $8,000/$6500 does not have to be paid back -though you must live in the home for at least 3 years after the purchase.
The $8,000/$6500 is a tax credit for your 2009/2010 tax return.
You reduce your tax liability by $8,000/$6500 or if you do not owe that much, you get a check back from the IRS for the difference up to the $8000/$6500. WHAT A DEAL!
There are maximum income limitations for single and joint taxpayers that will limit the credit. $125,000 for singles and $225,000 if filing a joint return.
This is a great opportunity for your children, grandchildren or anyone you know looking to buy their first home or if they have not owned a home for 3 years.
Current Homeowners-$6500 or free money!
The tax credit has been expanded to current homeowners too.
An individual (and, if married, an individual's spouse) who has owned and used the same residence as a principal residence for any 5-consecutive-year period during the 8 year period ending on the date of the purchase of a new principal home will be eligible for a $6,500 tax credit $3,250 married filing separately. Same income caps and sale price of the home cannot exceed $800,000. Also you do not need to sell your current home to take advantage of this-you can just rent out your current property.
Purchases must be made by April 30, 2010 and close by June 30, 2010.
Have anyone you know that would fall into these parameters contact me or if you have any questions regarding the details. Now more than ever people need to put my 30 years experience to work for you in negotiating and cutting through the red tape on your behalf.
Your referrals are greatly appreciated.
Your Real Estate Expert,
Joel Hentges
952-475-9541
Joel@homesbyjoel.com
Homes by Joel is brought to you by Joel Hentges of Counselor Realty. Helping people buy or sell homes and real estate in the Greater Lake Minnetonka area. Especially in Chanhassen, Deephaven, Excelsior, Minnetonka, Minnetrista, Mound, Orono, Tonka Bay and Wayzata MN Minnesota. Offering many Minnetonka Lakeshore homes for sale.
www.homesbyjoel.com www.realtor.com www.homes.com
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