Federal tax credit for 1st time homebuyer's soon to expire

Buyers should commit soon if they want to get that federal's $8,000 first-time homebuyer tax credit.
November 30 is the scheduled date that this tax credit is due to expire. Since the majority of escrows are taking 45 to 60 days to complete, the window of opportunity is narrowing down fast.
Although the real estate industry is trying to get the tax credit extended, we do not know if his will happen.
The California Association of Realtors issued survey results stating that 40 percent of first-time buyers would have sat it out this year if they hadn't been promised the $8,000 credit.
So if you are one of the many who are debating whether now is a good time to buy your first home, the answer is YES!
With our teams's combined knowledge, experience and perserverance, Jeff Kaut & Associates team can find the perfect home for you.
Contact us today, jeffkautreteam@yahoo.com or
916-505-7355
DRE #01086297

Tax Credit For First Time Home Buyers!

DON’T MISS THE BOAT, OR HOUSE FOR THAT MATTER!

The First Time Home Buyers credit is here but will end soon! Buying your first home is not only an exciting and adventurous procedure, but it is also rewarding. During the 2009 calendar year, First Time Home Buyers have the opportunity to get a tax credit for their principle home purchase of up to $8,000. This is definitely the time to purchase a first home in order to receive this intriguing offer, given by the IRS. However, there are some stipulations in accordance to the credit. The end date of this credit is creeping up on us very quickly, as it ends December 1, 2009, so for those of you who are seriously interested in purchasing their new home, we highly suggest you take advantage of this remarkable credit. The IRS defines a First Time Home Buyer as someone who has not owned a principle residence during the three year period prior to the purchase of the property. Joint purchasers who are unmarried also have the ability to be eligible for the credit. For example, if a parental guardian is helping purchase the property for their child, they are able to do so and still claim the credit on their 2009 taxes, under the child’s name only. Buying from an ancestor, descendant, or spouse will automatically disable your ability to earn the First Time Home Buyers Credit. Since there can be numerous stipulations and exceptions, one is highly encouraged to consult the IRS or any legal professional to ensure their eligibility of this offer. http://www.irs.gov/newsroom/article/0,,id=186831,00.html Unlike the 2008 tax credit, an individual does not have to repay this credit. Last years’ tax credit was a little misinforming because the individual needed to repay that credit in some form or another. It was kind of viewed as an interest free loan. The tax credit for 2009 is equal to ten percent of the homes actual purchase price and not the asking price, up to $8,000. Single taxpayers must have a verified income of $75,000 per year, and married couples must earn a verified $150,000 per year in order to qualify for the 2009 tax credit. Mobile homes, attached homes, detached homes, condos and even houseboats can be considered a first time home purchase. So call one of us today, so we can help you get on board with this offer that will not last for long.