There are exactly 65 days left to qualify for the $8000 First Time Buyer’s Credit. You must be in contract by April 30,2010 and close escrow by June 30th. You can buy a home up to $800,000 and have an income as high as $225,000 for a couple or $125,000 for a single person. We have homes to show you, so why aren’t you looking? Seriously. This price range is hot, hot, hot and we are seeing multiple offers once again, which means you must be out looking every weekend and writing offers.
Uncle Sam has even gifted move-up buyers. If you purchased your first home five or more years ago, you too, can qualify for a tax credit of $6500 or 10% of the purchase price of the new home. If you own a condo this is your opportunity for FREE MONEY by moving into a larger home. What are you waiting for? We have people who want to buy your condo and you can go out looking for a house.
The clock is ticking every minute of every hour of every day. Uncle Sam is giving away cash. This is money you can use to furnish your new home, or off-set your current tax bill if you want to file an amended return for 2009. We have forms for this, so ask us and we can email them off to you.
There is a catch on this credit, as you would expect. You’ll need to remain in this house for 36 months before selling or you’ll have to pay the credit back. That’s fair. If you file for one of these credits, be prepared for a possible IRS audit to verify that you qualified for the credit. This is part of new anti-fraud rules and the IRS has already identified over 100,000 returns with potentially fraudulent home buyer credits from last year alone. You will need to attach a properly executed real estate settlement sheet to your tax return to show proof to the IRS. Your Realtor and Lender can help you with this.
Tick-Tock. Tick-Tock. Tick-Tock. The Wilkas Group is here to help you but you need to move on it. Your lost time can not be replaced. There are only 65 days, 1560 hours, 93,600 minutes left to do this.