Serving investors and home buyers throughout Rhode Island
Information
- Location:
- Portsmouth, RI, 02871
- Phone:
- 401-293-0631
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The tax credit for first time homebuyers has been extended, and enlarged to allow hoigher income folks to receive the benefit. In addition, the credit has been extended now to existing homeowners who purhcase a new home...
This is true for both the first time buyer credit, and the existing buyer credit... the amounts bantered about are MAX amounts, and not every purchase will get these amounts...
Today I am starting a eries of posts to provide links to our listings in Rhode Island and Southeastern MA... For today, I am featuring just Rhode Island real estate. Each week I will post other listings our agents have for sale...
Focus Professionals, Inc.
First-time homebuyers
Most details for first-time homebuyers
mirror the rules currently in existence. The maximum tax credit remains
$8,000 ($4,000 for married individuals filing separately), and anyone
who has not owned a home within three years is considered a “first-time
buyer.”
• A purchase must be under contract by Apr...il 30, 2010.
• A purchase under contract by April 30 must close no later than June 30, 2010.
•
After Dec. 1, 2009, income limits rise to $125,000 for singles and
$225,000 for married couples; up from limits effective through Nov. 30
of $75,000 for singles and $150,000 for married couples. The tax credit
phases out incrementally at each $20,000 increase in income.
•
Effective immediately: The maximum home value purchased cannot exceed
$800,000. Prior to the law being signed, first-time homebuyers had no
limitation on a home’s cost.
Current homeowner tax credit
An
existing homeowner who purchases a home may now claim a tax credit of
up to $6,500. To qualify, that owner must have owned and used the same
residence as a principal residence for any consecutive five-year period
in the previous eight years.
• This new tax credit is effective
immediately. Eligible homebuyers do not have to wait until Dec. 1 to
close in order to qualify.
• Personal income limits, maximum home value, and contract/closing deadlines are the same as those for first-time homebuyers.
Additional changes
The tax credit extension includes other new rules, such as:
• The new law also impacts dependent purchases of homes, which weren’t addressed under the old rules.
•
The new law requires a buyer to attach documentation about the home
purchase to his or her income tax return. An audit found that some
buyers are claiming the tax credit when they don’t deserve it, and
investigators continue to seek out fraud. To minimize tax abuse going
forward, buyers won’t receive the credit without submitting proof to
the Internal Revenue Service (IRS).
The homebuyer tax credit is
collected as part of the normal income tax process. As a credit, it’s
calculated separately from an individual’s income tax, and paid
regardless of taxes owed or withheld from income. As always, however,
only a tax planner can render specific advice to anyone seeking the
credit. For more information on the credit, contact a tax planner or
visit the IRS website at: http://www.irs.gov.
Focus Professionals, Inc. Seeking to recruit new agents for Southern RI, and Southeastern MA and the Cape... great comp plan... leads provided... work with an experienced and motivated team...
Thought this was worthwhile...Via Heath Coker, Real Estate Broker (REindex.com & Cape Group Real Estate):The FBI has verified, on their web site, that there is a "Jury Duty Scam"...
Focus Professionals, Inc. It seems likely that the Federal Government will expand and extend the Home Purchase tax credit: higher maximum income levels, include repurchasers, rather than just first time buyers, and more. Check our blog at http://blog.homesalesri.com for a more detailed discussion.
blog.homesalesri.com
Posted by Paul Silver under For Home Buyers , For Home Sellers , Real Estate Investment , Real Estate LawNo Comments
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We are seeking to recruit motivated buyer and listing agents for Southern RI (Westerly area and West Greenwich) and Kent County RI. We are also seeking agents in Bristol County MA and the Cape...
