November 2009 Deadline
$8000 Tax Credit
Real estate is now more than running from pillar to post personally hunting for properties and then, documentation within the litigation process. Buyer incentives and bailout planning are designed to offer tax credit and compensation to deals that are closed within predetermined periods.
Tax Credit, and not tax deduction, is offered to first-time homebuyers in Kennewick, Richland, Pasco and Washington, who close purchase deals with us till November 2009. The incentive comes in the form of a 10% of the estimated value being offered as home tax credit. The tax credit is literally equivalent to cash in hand!
Our tax credit phases out couple-incomes above $150,000 and in the case of individual filing, incomes above $75,000. The condition is that the home needs to be bought and maintained without sale being contemplated within the next three years. This feature is promoted as a dedicated buyer incentive. The tax credit is applicable to any principle residence. This provision is primarily to promote energy-efficient investments and increase support towards critical housing programs.
The tax credit bailout offers dollar-for-dollar tax reduction, which means that there is no payback involved if you owe anything up to $8,000 in income tax! The bailout buyer incentive is refundable. This feature allows you, as a homebuyer, to receive a check payment for credit if your limited income tax liability is proved. The tax credit incentive does not rule out the involvement of a tax advisor prior to important decision making.
Time is running out! Contact us, or start your home search today to allow for a November 2009 escrow close.
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{ 6 comments… read them below or add one }
California is the state where people have requested this tax credit the most, with over 40 thousand new home buyers, I believe this a great plan from obama, and one that is surely helping with the recovery of the market
Thanks for sharing this info, it looks like a lot of people are taking advantage of this deal.
The credit passed today along with a $6500 credit for other than first time buyers.
This should keep the market going, along without low rates.
Your right Erin, not only the first time home buyers can benefit on this tax credit program extension, but also for those who are planning to move up or buy a new home.
I LOVE THE VIDEO!!! A simple easy to understand way to explain the credit. You have great information for people looking to buy or sell in Washington. I will make sure to pass on your info if I have any clients moving up north (way up north).
Joe
The tax credit really helps the market. However, in our area of Bergen County New Jersey, we need better Jumbo mortgages. Without the secularizing for jumbo’s we can not get the high end going!