Weichert, Realtors - Palmetto Coast
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Tax Credits Expire April 30! ~~~HURRY!~~~

Posted By: Mallory Desimone In: Financial Blogs
Date: Thu, Apr 29th 2010 1:15 pm

TIME IS RUNNING OUT!!!!

The $8,000 tax credit is almost over...Ending on April 30, 2010 so make sure you give us a call so we can help you NOT ONLY find a house of your dreams, but make your wallets a little fatter while we do it!

ARE YOU IN THE MILITARY?

 ~In the Service, members who were on official extended duty outside of the United States for at least 90 days between Jan.1, 2009 and May 1, 2010, may qualify for a one-year extension. See More Details HERE.

If you are NOT in the military, you do still have time to get the $8,000 tax credit. In order to get it, you must have a binding sales contract that is signed by April 30, 2010, and then home buyers have until June 30, 2010 to complete the purchase.

Here's some good key points to help you:

A tax credit of up to $8,000 is available for first-time home buyers purchasing on or after Jan. 1, 2009 and on or before Apr. 30, 2010. If a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify. (As stated right above)

The $6,500 tax credit is still applicable to those who are NOT first time home buyers but still want to purchase. The stipulation is that you must have had to own own a house for 5 consecutive years out of the prior 8 yrs.

The repeat home buyer tax credit applies to houses sold after November 6, 2009 and on or before April 30, 2010. In cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.

Income limits of $125,000 for individuals and $225,000 for married couples filing jointly apply to all sales occurring after Nov. 6, 2009.

The income limits for sales occurring on or after January 1, 2009 and on or before November 6, 2009 are $75,000 for individual taxpayers and $150,000 for married couples filing jointly.

 Homes that are more than $800,000 are not eligible for either credit.

 Homes purchased in 2010 may be claimed on an amended 2009 income tax return.

If you are claimed AS A DEPENDANT by another person(taxpayer) or if you are under 18yrs. old, unfortunately you cannot qualify for the credit.

 If you purchase a home from a relative who is a taxpayer or their spuse, you will not qualify for the tax credit. The IRS defines relatives as ancestors (parent,grandparent,etc.), lineal descendants (child,grandchildren,etc.) and spouses.

Married couples are not eligible to claim the first-time home buyer tax credit if either spouse has previously owned a home. You can, however, qualify for the repeat ($6,500) tax credit.

Neither one of the tax credits, whether it be the first-time($8,000) or repeat($6,500), have to be repaid unless you sell the house or it is found NOT TO BE YOUR PRIMARY RESIDENCE within three years after the initial purchase.

Taxpayers must submit a copy of the HUD-1 settlement statement and IRS Form 5405 to claim either the first-time home buyer tax credit or the repeat home buyer tax credit.

CLICK HERE FOR EVEN MORE INFO!

SO.......Now that you've got the facts, give us a call. Let us help you!

Call us @ 843.375.2075

Email us : ajordan@weichertpc.com

Or COME ON IN and talk with us...We're here to help you!

389 Johnnie Dodds Blvd. Mount Pleasant, SC 29464

 *Don't Let This HUGE deal pass you by* **CALL US TODAY**

 

WEICHERT, REALTORS - PALMETTO COAST

 

 

 

Welcome to Pine Forest Country Club, one of Summerville's most established and "family-friendly" neighborhoods. This all-brick custom home built by Steve Hill sits on a .21 acre lot. This home has a great open floor plan with lots of natural light throughout. The living areas have beautiful hardwood floors and 3 inch wood Plantation Shutters throughout along with a gas log fireplace and 20ft cathedral ceilings in the family room. The gourmet eat-in kitchen is the centerpiece of the downstairs with a stainless steel Kenmore Elite appliance package, solid Corian countertops, nice-sized pantry and plenty of extra-large cabinets/drawers for cookware storage. Along with 2 very spacious secondary bedrooms the home has a huge private master suite downstairs with vaulted ceiling, his & hers walk-in closets, ceramic tile in master bath and separate shower/soaking tub. Upstairs there is a large FROG that can be used for a 4th bedroom with a full bathroom and separate office for lots of flexibility. Outside the home, there is a front porch, large screened-in back porch and new 8x8 patio off the back. Plus an extensive security system valued at $2000. Home has additional insulation and tankless water heater for energy efficiency. Pine Forest Country Club golf course was voted Charleston Area's 2008 Golf Course of the Year. Plus free boat storage is available to homeowners located in the neighborhood! Don't miss this home---It is a MUST SEE!

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