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New Home Buyer Tax Credit

by The Jana Caudill Team

Although the proposed $15,000 home buyer tax credit did not pass legislation, President Obama did sign a similar, although smaller, tax credit to help stimulate our economy.

The new tax credit is equivalent to 10% of the purchase price of the home, capping at $8,000. The purchase must be made on or after January 1st, 2009 through December 1st, 2009. This only applies to first time home buyers. First time home buyers are considered those who have not owned a home for three years. The tax credit is subject to income limitations. Single buyers need a modified adjusted gross income of $75,000 or less to qualify for the full credit. Married couples need a gross income of $150,000. Those earning more may be eligible for reduced credits. Their new home has to be their principal residence for three years. Those who sell before three years will have to pay the tax credit back to the government. 

To compare the difference between the new tax credit and the previous tax credit, please click here.

This is another great reason why now is the time to buy a home. Let The Jana Caudill Team help you find the home of your dreams. Give us a call at (219) 661-1256.

Video-This Month in Real Estate

by The Jana Caudill Team

New stimulus package proposes tax credit for home buyers

by The Jana Caudill Team

Last week, the Senate verbally approved the Fix Housing First Act, an important amendment to their version of the Economic Stimulus Bill. The piece of legislation and the Stimulus Bill are still awaiting Senate and House negotiations, but could provide all home buyers of primary residences over the next year with a tax credit of $15,000 or 10 percent of the cost of the home, whichever is less. The credit will not need to be repaid unless the home is sold within two years of purchase. This Senate's version of the tax credit, if implemented, will replace, or “sunset” the current $7,500 credit. If you are not familiar with this Act, please click here for more information.

The Jana Caudill Team will send out the latest information as soon as it becomes available.

If you are interested in buying or selling a home, let the number one real estate agent in Northwest Indiana work for you! We can be reached at (219) 661-1256 or via email at jana@thejanacaudillteam.com.

Source: Keller Williams Realty: This Week @ KW-February 9-13, 2009

Displaying blog entries 1-3 of 3

Contact Information

Photo of The Jana Caudill Team Real Estate
The Jana Caudill Team
Redkey Realty Leaders
503 East Summit St., Suite 2
Crown Point IN 46307
219-661-1256
Fax: 219-663-5949