Home Tax Credit Time Running Out for Virginia Beach Real Estate Buyers
Home buying real estate tax credit expires April 30….are you considering finding your Virginia Beach, Chesapeake, Norfolk, Suffolk, or Hampton Roads dream home and benefiting from the $8000 tax credit?
If so, time is running out for finding the perfect real estate. Remember these key dates:
April 30 be under home purchase contract and close by on your property by June 30.
This may work fine for the typical resale or foreclosure , but if you are considering a “short sale” home then time is of the essence as they often take months to get the real estate purchase offer accepted by the lender and closed.
Check your calendar as we are now under less than 60 day mark for purchasing a home. Contact your REALTOR(R) and start searching for your dream home.
Key elements of the home buyer tax credit:
- First-time homebuyers still qualify for up to $8,000 in tax credits; those who have owned their homes at least five years qualify for up to $6,500 in credits.
– Purchases must be secured by April 30, 2010 and closings finalized by June 30.
– Single taxpayers with an adjusted gross income under $125,000 (under $225,000 for joint filers) are eligible for the credit’s full benefits. Those with incomes up to $145,000 (single) or $245,000 (joint) may receive partial credits.
– Homes worth $800,000 and under are eligible for the program.
– The program is expected to cost the federal government $10.8 billion in lost taxes.
Watch this great tax credit video for complete information. Yes, it is from your friends at the Internal Revenue Service.
