Homebuyer Tax Credit in Garrett County Extended
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By: Mike Kennedy mkennedy@railey.com 301-616-6106 November 9th, 2009 Category: Garrett County Real Estate |
Last week both houses of Congress overwhelmingly passed and the President signed legislation that extends the $8,000 Homebuyer Tax Credit. The credit, which was set to expire on November 30, 2009, has now been extended until April 30, 2010. A quick summary of the credit is as follows;
- First-time Buyer amount of credit is still $8,000.
- A First-time Buyer is defined as someone who has not had an interest in a primary residence for 3 years prior to purchase. (Note - you still qualify if you have previously owned a house more than 3 years ago.)
- Current Homeowner amount of credit is still $6,500.
- For the purposes of this credit a Current Homeowner must have used the home sold (or being sold) as a principal residence consecutively for 5 of the previous 8 years.
- The limitation on the cost of a home purchased is $800,000.
This is an incredible opportunity for an individual or a couple looking to purchase a primary residence anywhere in Garrett County. For a married couple it is essentially an $8,000 gift from Uncle Sam. For example, if you and a spouse buy a home in Oakland Maryland between now and April 30th and it’s your primary residence, and your income qualifies, you’ll either get an extra $8,000 as part of your refund when you file your taxes or owe $8,000 less in taxes. It’s like getting a loan you don’t have to pay back! If you would like to take advantage of this credit, give us a call or shoot us an e-mail - there are many good real estate deals all over Garrett County right now - this credit in conjunction with currently low interest rates increases affordability and makes this a great time to buy a house.
Tags: Homebuyer Tax Credit