Friday, February 5, 2010

Move-Up/Repeat Home Buyers in Tampa, Florida Can Benefit from Home Buyer Tax Credits

Don’t Miss the Boat!

Part 2 of a 2-Part Series

Are you a home owner in Tampa Bay, Florida and wish to move up to a larger home or even downsize? Are you uncertain whether you are financially able to make that move in today’s real estate market? Well, think again. Many people are unaware that tax credits are now available for existing and repeat home buyers. Time is of the essence. Time is ticking on this soon-to-expire opportunity!

With historically low interest rates, an abundance of aggressively priced homes listed for sale, and the home buyer tax credit being offered, nobody is excluded in today’s real estate market. Everyone is included.

Who is eligible for the $6,500 tax credit? U.S. citizens or those with permanent resident status who have owned and lived in the same home for at least 5 consecutive years of the 8 years prior to purchasing are eligible for this tax credit.

What are the income limits for this tax credit? Single taxpayers can earn up to $125,000, and married taxpayers filing a joint return can earn up to $225,000. Taxpayers who exceed these limits will receive a reduced amount of credit and limits are based on a modified adjusted gross income (MAGI).

What types of homes qualify? The purchase price of the home cannot be more than $800,000 and it must be the principal residence of the home buyer(s).

Questions? Contact a real estate professional to answer any questions you may have.

Time is truly running out as binding sales contracts must be signed by April 30, 2010 and the deal must be closed by June 30, 2010. Real estate tax credits like this do not come along often, and there is nothing to indicate that an extension of this tax credit will occur. Take action now to purchase that home and make your real estate dreams become a reality.

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