First Time Home Buyer Credit

We have great news for the housing market last week! The $ 8,000 for the first time home buyer tax credit be extended to April 30, 2010. This expansion is especially good news for first home buyers using the credit card.

But even if you do not qualify for it, should know who will benefit indirectly. This is a very effective incentive for more homes sold in Charleston and as a broker, the results we see in our area have experienced. The expansion isneeds to continue its healthy growth we saw in the Charleston real estate market in recent months.

I mentioned below about the conditions for the expansion of the tax credit. It is important to note, how to go around, there are several provisions of the tax credit against the original requirements.

1) The IRS defines for the first home buyer as someone who did not stay for three years before buying one.

2) The amount is equal to10 percent of home purchase up to $ 8,000.

3) The purchase price of the house at $ 800,000 or less.

4) The period includes the sale of January 1, 2009 and before April 30, 2010. However, if a binding purchase agreement signed on April 30, 2010, the buyer may also qualify if he / she closes June 30, 2010. Buyers who the military specific extensions to do during these periods, so be sure to notify the lender if you meet theseQualification.

5) For the apartments from 1 January 2009 and November 6, 2009 purchased by individual taxpayers, the income threshold from $ 75,000 to meet (for married filing jointly, income must not exceed $ 150,000).

6) For the apartments, on November 6, 2009 and before April 30, 2010 purchased individual taxpayers do not have the income limit of $ 125,000 (married filing jointly can not exceed $ 225,000) to surpass.

7) The main advantage of a tax credit thatworks like a dollar for dollar benefit. If it is a tax deduction, it would only reduce the tax burden and save only $ 1,000 to $ 1,500 in the long run. So, let's say for the first time home buyers qualify for full credit. If your $ 8,000 of personal income tax on a $ 8,000 claim, you have nothing.

8) The tax credit is refundable, meaning you can check for the loan if you have little or no tax liability. So, I tell youClaim a tax credit of $ 8,000, and you have $ 3,000 in income. You can still check for the remaining $ 5,000!

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