Steamboat Homes

As a reminder, the deadline for being able to take advantage of the First-time Homebuyers tax credit date is slowly approaching.  ‘The Worker, Homeownership, and Business Assistance Act of 2009 has extended the tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence…In cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.”

If you are interested in taking advantage of this tax credit, I would recommend starting to get a feel of the market and potential homes and by February or March, and begin looking seriously by March or the beginning of April.

The tax credits are a tax credit not a deduction. It is important to consider that a tax credit is a dollar for dollar tax reduction, rather than a reduction in taxable income that would only save you a percentage of your deduction based on the tax rate. For example, on the $8,000 first time homebuyer tax credit, if you owe $1,000 in taxes, you will receive a refund of $7,000. A first time homebuyer is defined as a person that hasn’t owned a home in the last three years.

If you have any questions about taking advantage of the first-time homebuyers tax credit feel free to contact me at 970-819-6930.

Related posts:

1. Two Snow-Storms Approaching Steamboat
2. 2 Snowstorms Approaching Steamboat
3. Home Resales Increase from Dec 2008 to Dec 2009

This entry was posted on Friday, January 22nd, 2010 at 6:19 pm and is filed under News. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.