Homebuyer tax credit clock is ticking...

Time is running out for those of you looking to take advantage of the government's Homebuyer Tax Credit.  Of course a tax credit is not a reason to run out and buy a house.  However, if you have been planning on buying and now is the right time in your life to do so, you better hurry.   A binding sales contract must be signed by April 30, 2010, and the purchase completed by June 30, 2010 to qualify.

* A tax credit of up to $8,000 is available for First-Time Homebuyers.  

* A tax credit of up to $6,500 is available for Repeat Homebuyers who have owned a home for five consecutive years out of the prior eight years. 

* Homes priced above $800,000 are not eligible for either the first-time homebuyer tax credit or the repeat homebuyer tax credit. 

* Home purchases in 2010 may be claimed on an amended 2009 income tax return.  

Not sure about something?  Have further questions about the market, the tax credit or just home buying in general?  Reach out.  We are here to help.