New homebuyer tax credit
A new tax credit for homebuyers has been enacted and there are some changes. Income limits have been increased and it is no longer restricted to First Time Homebuyers.
I have included a chart below from the National Association of Realtors. This is the best illustration I have seen so far and will help answer many questions. I have heard positive feedback from those that have called the IRS from the phone numbers found on their website, irs.gov. Hold times are short and you can easily get to a human being!!
The effective date of this new credit is November 6, 2009 as that is the day this was signed into law!!
I hope this is helpful for those with questions.
As you can see, the income limits were increased to include more participants in the program as well as the inclusion of buyers who have previously owned a home.
Tom Burris
DallasLoanGuy.com
Dallas, TXI write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!!
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Hablamos español.
As an SRES® designee, I have received additional education on such topics as tax laws, probate, estate planning, equity conversion strategies, and can offer you information on current market trends as well as valuable resources regarding real estate transactions.
Thanks for th re-blog Shirley
I am glad to re-posted this, Shirley. I like that chart. Very easy to comprehend!
Hopefully this will keep thngs going, one house at a time adds up after awhile. Just need to get the jobs going again.
Shirley
I know it will have some effect on stimulating sales...but stilll worry about the long term effects of the credit.
Howdy there Shirley
I do feel even with the Tax credit, the Real Estate industey, is still going to have a long rode ahead of it.
I hope you and your family have a fine, and Happy Thanksgiving, my friend