December 30, 2009 at
12:24 pm
Joe knows you’re intrigued with the extended and expanded tax credit. It’s the best holiday gift ever! With this great gift, you have to be looking for an excuse to take advantage of it—especially those of you eligible to act on the “expansion part.” Here are a few solid reasons you should take advantage of the $6,500 tax credit.
Desire to upgrade
- Five to eight years ago, you and your significant other were early in your careers, and bought a very modest house. Nothing flashy, but comfortable. Now that you are both well into your careers, it’s time to move into that neighborhood, or house you’ve been dreaming about living in.
Need to downsize
- Empty nest syndrome? With all the kids out and off to college, often times that house is just too big! Or maybe you’re way beyond an empty nest, but your knees can’t handle all the stairs in your two-story house. The best part of downsizing? Less space equals less mess!
Move closer to your children
- Oh the joys of being a grandparent – all the fun, and none of the responsibility! The opportunity to move closer to your kids as they begin a family of their own is priceless.
Make room for an aging parent
- Your parents are wonderful. They do your ironing because you never learned how. They are responsible for molding you into the amazing person you are. Now it’s time for you to return the favor. Consider moving into a new house with an extra bed and bathroom to accommodate a wonderful parent (because both would cramp your style.)
So if you have needed or wanted to move, and any of the above situations sound at all familiar, now is the time. Take advantage of the tax credit extension today and contact a REALTOR®.
Happy Homebuying,
Joe
Categories: $6500, $8000, Claiming tax credit, Expanded homebuyer tax credit, Extended and expanded tax credits, First-time homebuyer, Homebuyers, Mortgage rates, Starting out, Wisconsin Realtors, Wisconsin current homebuyer, Wisconsin first-time home buyer, Wisconsin homebuyer, Wisconsin real estate, Wisconsin tax credits, current homebuyer
December 22, 2009 at
11:20 am
When people heard about the tax credit being revved back up in November, the questions poured in. And as much as I love real estate (and that’s a lot), Joe loves to answer questions, tackle FAQs and vanquish home buying myths, and all in a holiday-inspired format.
On the first question for the HomeBlogger, the homebuyer said to me…
Who does this tax credit apply to?
First and foremost, this is an extension and expansion. The $8,000 tax credit is still in play for the first-timers until April 30, 2010, hence the extension.
The expansion refers to current homeowners, who have owned and occupied a home consecutively for five of the last eight years. They are eligible to receive a $6,500 credit when they purchase a home between November 7, 2009 and April 30, 2010.
On the second question for the HomeBlogger, the homebuyer said to me…
Does this tax credit have to be paid back?
According to the NAR, that’s a big N-O if you occupy the house for three-plus years. Say you don’t hit that three-year threshold, the tax credit will be “recouped during the sale” of the home.
On the third question to the HomeBlogger, the homebuyer said to me…
Can I use this on my vacation homes?
Only primary residences are eligible for the tax credit, folks.
On the fourth question for the HomeBlogger, the homebuyer said to me…
What determines the actual amount of my home tax credit?
While a winning smile may get you an extra pump of vanilla in your morning latte, two main variables are taken into consideration for the tax credit: the price of the home and the buyer’s income.
These are just a sample of questions you may have, and Joe likes to keep things short, sweet and interesting. The next few posts will be covering the details of the extension, so do not fret if I did not get around to your exact query.
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Happy Homebuying,
Joe
Categories: $6500, $8000, Claiming tax credit, Expanded homebuyer tax credit, Extended and expanded tax credits, First-time homebuyer, Homebuyers, Mortgage rates, Starting out, Wisconsin Realtors, Wisconsin current homebuyer, Wisconsin first-time home buyer, Wisconsin homebuyer, Wisconsin real estate, Wisconsin tax credits, current homebuyer
