Nov 30 2009
New Tax Incentive
There has been much debate about how the current $8000 tax credit can continue in its current state. Proponents for keeping the tax credit going have lobbied hard and their efforts have paid off. The current extended tax credit has been passed continuing the $8000 tax incentive to first time home buyers.
In its current form, the bill would extend the tax credit to the end of April 2010. What people do not already know is that the current bill would also add some additional benefits for current home owners. Here are the key components to the new bill signed into law today.
1. In order to qualify new first time home buyers would have to have a signed sales contract by April 30, 2010. The transaction would have to close by June 30, 2010.
2. The maximum home purchase price would be capped at $800,000
3. Income limits for qualified recipients would be increased to $125,000 for single people and $225,000 for couples.
4. Current home owners living in their homes as primary residence would be eligible for up to $6,500 or 10% of the purchase price.
There are also some provisions in the new bill to help military personnel and to help combat fraud in how home owners claim the tax credit. Military personnel who have been deployed in 2008 or 2009 for at least 90 days would have an extension added to when they could claim the tax incentive. Their extensions for claiming their tax incentive would go through April 30, 2011.
I order to combat fraud from unauthorized claims being claimed every tax return will require the Settlement Statement which should have been signed at closing. This with your normal tax documentation will be required before a claim can be made.
Here today we have made the process as easy as possible by providing you with the documents needed to do it yourself. This will allow you to claim your $8,000 tax credit immediately. We have also included the added $6,500 tax incentive paperwork. Why look any further when the information can be provided for you right now. Please go to www.6500hometaxcredit.com and fill out the necessary information to get your free guide today.