The U.S. Congressional extension of the home buyer tax credit into 2010 is sure to help home owners with homes in Gatlinburg for sale and across the nation. The stimulus of bringing new home buyers into the market was significant enough over the past months, that congress decided to continue the program. In the news flashes out of the National Association of Realtors, I have been following developments on this story for some time. NAR President, Charles McMillian and many of the key NAR economists have felt that the stimulus from the homebuyer tax credit is crucial to getting the U.S. housing industry back on track. Some sources feel the current tax credit has put $22 billion into the U.S. economy and they estimate some 2 million individuals will utilize the tax credit this year. Many NAR members felt that extending the home buyer tax credit would bring in more home buyers that currently are waiting for the right opportunity to buy. This influx of homebuyers would help to reduce high inventory levels of homes and it could “prime the pump” for home buying in other real estate sectors.
Let us look into the details of the tax credit extension as it stands currently. Those who qualify are first-time home buyers purchasing November 7, 2009 to April 30, 2010. Current home owners buying a home 11/7/09 thru 4/30/10 who have used the home being sold or vacated as a principal residence for 5 consecutive years within the last 8 years. Qualifying “first-time home buyers” is a purchaser or their spouse who has not owned a residence in the 3 years before a home purchase. The following types of properties are eligible for the extended Home Buyer Tax Credit. These properties include; single-family homes, condos, town homes, and co-ops. Maximum allowable credit on first-time home buyers is $8,000 and the maximum allowable credit for current homeowners is $6,500. An $800,000 home is the maximum priced home available for the extended tax credit. The amount of tax credit available to a home buyer is based on the price of the home and the buyer’s income. Tax credit limits on a buyer’s income are as follows:
Single Buyer Income to $125,000- Full credit
Single Buyer Income 125,000-145,000- Tax credit decreases
Married Buyers Joint Income to $225,000- Full credit
Married Buyers Joint Income 225,000-245,000- Tax credit decreases
The extended home buyer tax credit should be approached like many other aspects of one’s financial and legal affairs. You need sound, reliable advice from professionals with updated schooling on these matters. Their expertise can help you maximize beneficial items and avoid detrimental unseen consequences on various courses of action. The same advice applies to buying Smoky Mountain Real Estate or Homes in Gatlinburg and other locations in the Smokies. Working with professionals like the Jason White Team can save you valuable time and help you to find your perfect piece of real estate. We know real estate in East Tennessee and we know the area inside and out. Contact us today to let us help you find your property in The Great Smoky Mountains. Click here to view my featured listings.
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