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 Whether you are buying
or selling vacant land, commercial or
residential property, I can help.
There are many diverse
communities in Jefferson County ... Port Townsend,
Port Ludlow, Marrowstone Island, Pt. Hadlock/Chimacum, Cape George, Kala Point,
Discovery Bay, Quilcene and Brinnon.
Please take the Photo
Tour (see button on left) if you are not yet familiar with this beautiful part
of the scenic Northwest.
If you want to see what's
currently on the market, click on Real Estate Listings or Some of my
Favorites.
If you are anxious to get
started buying or selling, call the number above or click
here to e-mail me.I hope you find this site useful. Let me know how I can help. |
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Translation and free translation
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Breaking
News: Obama Signs Homebuyer Tax Credit Extension
The extension is part of a $24 billion economic stimulus bill
that will extend the $8,000 tax credit for homebuyers who are purchasing their first home
from the current November 30 deadline and expands the program to offer a credit of $6,500
to homeowners who have lived in their current home for at least five years and are seeking
to relocate.
Who Qualifies?
~First-time homebuyers, who are defined by the law as buyers who have not owned a
principal residence during the three-year period prior to the purchase, may be eligible
for up to an $8,000 tax credit.
~Existing homeowners who have been residing in their principal residence for five
consecutive years out of the last eight and are purchasing a home to be their principal
residence (“repeat buyer”), may be eligible for up to a $6,500 tax credit.
~All U.S. citizens who file taxes are eligible to participate in the program.
Income Limits
~Homebuyers who file as single or head-of-household taxpayers can claim the full
credit ($8,000 for first-time buyers and $6,500 for repeat buyers) if their modified
adjusted gross income (MAGI) is less than $125,000.
~For married couples filing a joint return, the combined income limit is $225,000.
~Single or head-of-household taxpayers who earn between $125,000 and $145,000, and married
couples who earn between $225,000 and $245,000 are eligible to receive a partial credit.
~The credit is not available for single taxpayers whose MAGI is greater than $145,000 and
married couples with a MAGI that exceeds $245,000.
Effective Dates
~The eligibility period for the tax credit is for homes purchased after Nov. 6, 2009, and
before May 1, 2010. However, home purchases subject to a binding sales contract signed by
April 30, 2010, will qualify for the tax credit provided closing occurs prior to July 1,
2010.
Which Properties Are Eligible?
~All homes with a purchase price of less than $800,000 qualify, including
newly-constructed or resale, and single-family detached, townhomes or condominiums,
provided that the home will be used as their principal residence. Vacation home and rental
property purchases do NOT qualify.
Tax Credit is Refundable
~A refundable credit means that if the amount of income taxes you owe is less than the
credit amount you qualify for, the government will send you a check for the difference.
For example:
~A first-time buyer who qualifies for the full $8,000 credit who owes $5,000 in federal
income taxes would pay nothing to the IRS and receive a $3,000 payment from the
government. If you are due to receive a $1,000 refund, you would receive $9,000 ($1,000
plus the $8,000 first-time homebuyer tax credit).
~A repeat buyer who owes $5,000 would pay nothing to the IRS and receive $1,500 back from
the government. If you are due to get a $1,000 refund, you would get $7,500 ($1,000 plus
the $6,500 repeat buyer tax credit).
~All qualified homebuyers can take the tax credit on their 2009 or 2010 income tax return.
Payback Provisions
The tax credit is a true credit. It does not have to be repaid unless the home owner sells
or stops using the home as their principal residence within three years after the
purchase.
The www.federalhousingtaxcredit.com
site is being updated. Check the site next week for more detailed information on the new
tax credit.
For more information, visit www.nahb.org.
Information provided by RisMedia |
Questions? Call 360-379-4569
E-mail Barbara |
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