Weve had great news in the housing market this past week! The $First Time Home Buyer Tax Credit will be extended through . This extension is good news especially for first time home buyers taking advantage of the credit.
Buteven if you dont qualify for itknow that you should benefit indirectly from it.full lace wigs Its been a very effective incentive for getting homes sold in Charlestonand as Realtors weve seen the results firsthand in our area. The extension is expected to help continue the healthy growth that weve seen in the Charleston real estate market in the past few months.
I have included below more of the details regarding the tax credit extension. These are important to note because this go roundthere are more provisions to meet pared to the original tax credit.
) The IRS defines a first-time home buyer as someone who has not owned a principal residence for the three years prior to purchase.
) The amount is equal to percent of the homes purchase priceup to a maximum of $,.
) The purchase price of the home must be $or less.
) The time frame includes sales occurring on or after and on or before . Howeverif a binding sales contract is signed by a buyer can still qualify if he/she closes by. cheap full lace wigs Buyers who are in the military have some special extensions for these deadlinesso be sure to tell your lender if you meet this qualification.
) For homes purchased on or after and on or before: single tax payers must meet the ine limit of $(for married couples filing jointlytheir ine must not exceed $,).
) For homes purchased after and on or before : single tax payers must not exceed the ine limit of $(married couples filing jointly must not exceed $,).
) The main benefit of a tax credit is that it works as a dollar-for-dollar benefit. If it were a tax deductionit would only reduce your tax liability and would only save you $to $in the long run. Solets say you are a first time home buyer qualifying for the entire credit. full lace wigs under 100 If you owe $in ine taxes qualify for a tax credit of $,you would owe nothing.
) The tax credit is also refundablewhich means you can receive a check for the credit if you have little or no ine tax liability. Solets say you are eligible for a tax credit of $,and you owe $in ine taxes. You can still receive a check for the remaining $,!
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