$8000 Tax Credit Probably Won’t be Extended

The popular $8000 tax credit for first time home buyers introduced last year is set to expire very soon.  How soon?  Well, if you don’t have a contract in place on a house by April 30th you can probably forget about it, at least that’s what the word from Washington seems like. This past November, when the credit was initially extended, Senators Johnny Isakson, (R., Ga.) Christopher Dodd, (D., Conn.) both said that the credit would lose its effectiveness to boost house sales if it was continued any further. "This is the last extension of the home buyer tax credit," Isakson said. "Tax credits like this only work by creating the sense of urgency to take advantage of it, and to bring the market back." Coupled with this, the National Association of Realtors is also not seeking an extension to the credit, although they admit that we may see home sales bolster one last time before its expiration.  NAR spokesman Lucien Salvant was quoted recently as saying “We think this one is going to do the trick… It's developing right now that it's going to have the same kind of surge that the last one had in November. When it got down ...

$8,000 Tax Credit Extended (And EXPANDED) for DFW Residents

The $8,000 tax credit, which was scheduled to lapse on Dec. 1 of this month, was effectively extended through the end of June 2010.  This is great news for people who were rushing to find a good home in order to qualify!  Homebuyers must now sign a contract before April 30 and close on their home by June 30.  There were also some changes in regard to income limits.   Single buyers can now earn up to $125,000 and still get the full credit, while a married couple can earn $225,000.  Hooray! But the government didn't stop there.  Not even close.  The new bill even makes more homeowners eligible to claim the credit on their taxes.  First-time homebuyers (those who haven't owned a a home in the past 3 years) still qualify for the existing credit of $8000, but now those who have owned (and lived in) a residence for at least 5 years can claim a credit in the amount of $6500! "The new version of the tax credit has the potential to stimulate the ...

$8000 Tax Credit – TIME IS RUNNING OUT!!!

Attention Dallas Fort Worth first time home buyers!  Time is running out! As of now you have less than 3 months to take advantage of the $8,000 tax credit offered by the Federal Government.  If you are still planning on buying a house and taking advantage of this historic opportunity you must make your home purchase by December 1st of 2009 (in order to qualify). Here are some of the basic guidelines to see if you might qualify for the tax credit.  First of all, a "first time home buyer" is considered to be someone who has not owned a home for the past three years.  As for the limit you can receive, just look at the purchase price of the home and take 10%.  The max is  capped at $8,000, and is subject to income limitations, meaning that if you are single you would need a modified adjusted gross income of $75,000 or less to qualify for the full credit.  Married couples need a gross income of $150,000. If you happen to make more than that, you may in fact be eligible for reduced credits.  The last main requirement is that ...