Home Buyer Tax Credit Update

The home buyer tax credit is still bringing activity into the real estate market, and many people seem to still have questions.

Congress passed a revision to the previous tax credit in an effort to stimulate the U.S. housing market, and address the economic challenges facing our nation, here’s some highlights for those of you that missed it previously:

* Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.
* Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.

Here is more information about how the Extended Home Buyer Tax Credit can help prospective home buyers become part of the American dream. If you have specific questions or need additional information, please contact a tax professional, such as local Boulder tax expert and local CPA Mark Carson.

Call, Text, or Email me if you, or someone you know, is thinking about moving, or simply interested in talking about the process of moving.

Who Qualifies for the Extended Credit?

* First-time home buyers who buy a home between 11/7/09  and 4/30/10.
* Current home owners who buy a home between 11/7/9 and 4/30/10, and who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight years.

To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase. This is significant, because this indicates that you can qualify as a first-time buyer even if you’ve owned a home in the past, just as long as you haven’t owned in the most recent three years.

Another big tip:

Can a Buyer Still Qualify If He/She Closes After April 30, 2010?

Under the Extended Home Buyer Tax Credit, as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close. If you want to read more info about the tax credit, check out the newsroom article at the IRS website.

If a real estate purchase is in your future, perhaps a look at this contemporary Boulder home for sale, this  Louisville land for sale, or this beautiful Broomfield home for sale will help get you started in your process to find a new home.

I’d also like to share with you my new neighborhood profiles, and  Boulder business profiles. They’re both great ways to learn more about what’s going on in Boulder.

Call, Text, or Email me. I’m never too busy for your referrals, as a real estate professional intent on giving back to the community, my relationship-based approach is exactly what you’ve been looking for in a helpful Realtor, and I will listen to you.

Call, Text, or Email me today!

Zachary Epps, GRI, ABR, REALTOR®, full-time RE/MAX professional,  and author of the Boulder Neighborhood Guide.

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