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.

Wednesday, February 3, 2010

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

Don’t Miss the Boat!

Part 1 of a 2-Part Series

For the past six months, there has been a wealth of information and press about the 2009 First-Time Home Buyer Tax Credit, but there has not been as much talk about the fact that move-up home buyers can also benefit from the Worker, Homeownership, and Business Assistance Act of 2009. Who are move-up home buyers and how can they benefit from this tax credit by purchasing a home right here in Tampa, Florida? All real estate buyers should benefit in the first quarter of 2010.

According to the National Association of Home Builders Home Buyer Tax Credits, “The law defines a tax credit qualified move-up home buyer (“long-time resident”) as a person who has owned and resided in the same home for at least five years of the eight years prior to the purchase date. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse. That is, both spouses must qualify as long-time residents, with at least five years of principal residency for each. Repeat home buyers do not have to purchase a home that is more expensive that their previous home to qualify for the tax credit.”

There are many factors involved with this tax credit such as how the amount of the tax credit is determined, income limits of taxpayers, partial tax credit, claiming the tax credit, and types of homes that qualify. Those who do not fully understand this program are encouraged to consult a qualified tax advisor or legal professional to discuss their unique situations.

This is an incredible opportunity for those who have owned a home, and now wish to purchase another to enjoy the financial advantages of a tax credit while doing so. Don’t miss the boat! Real estate opportunities like this don’t come around often and do not last long.