St George
Tax Credit Enhanced!!!
November 13, 2009 by admin · 35 Comments
Sorry about the picture but I couldn’t help but think about this guy running around yelling about free money from the government at 3 am in the morning. Anyways on to the REAL story.
I cannot believe the media hasn’t picked up on how big this story is. The first time home buyer credit is now an everybody who has owned for the last 5 years or first time home buyer credit. Thats right, if you have owned your home for at least 5 years and meet the income requirements you are entitled to $6,500 dollars in Tax credit money. First time home buyers you still get $8,000 but the big story here is the $6,500 dollar credit being given to people who move up.
The basics of this are you have to meet the requirements for income and the home you purchase cannot be for more then $800,000. You also have to live in the home for at least 3 years after the purchase.
One side note, the IRS has had a ton of fraud with these so if you are planing on trying to game the system i would strongly encourge you to not do so. You may be asking for an audit.
If you have any further questions about the tax credit or anything Real Estate related please call or email me.
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It’s amazing what the media doesn’t pick up on if it doesn’t fit with what they are looking to report. Thanks for sharing the info.
This is a great incentive for first time home buyers and now other buyers who have owned and lived in their primary home for more than 5 years. Many first time home buyers that I’m selling homes to are able to keep their payments at what their current rents are, plus they get to put $8,000 in their pockets!