Jane Fischer - CRS, GRI, ABR, RLI, ASP & SRES Realtor
Serving the Real Estate Needs of
Mason City and Surrounding North Iowa Communities for Over 17 Years.
Buy and sell your North Iowa Real Estate with Jane Fischer.
HomeBuyer Tax Credit
*We Have News To Tell... the Home Buyer Tax Credit Has Been Extended and Expanded...
* From now until April 30, 2010,* *first-time home buyers and move-up buyers have another great reason to get on the path to purchasing a new home! The benefit to first-time homebuyers is a tax credit up to $8,000 and for move-up buyers a tax credit up to $6,500. **
*At a Glance:*
FIRST TIME BUYERS
*Credit: Equal to 10 percent of the home's purchase price, up to $8,000
*Who Qualifies?
- Those who haven't owned property in the last three years
- Those with income up to $225,000 for couples or $125,000 for individuals (credit phases out for people who make more than these amounts)
- Must be at least 18 years of age to claim credit
- Purchase price must be $800,000 or less
Deadlines:
- Have until April 30, 2010, to enter into a contract for a home purchase
- Have until June 30, 2010, to close on the purchase
CURRENT HOMEOWNERS
Credit: Equal to 10 percent of the home's purchase price, up to $6,500
*Who Qualifies?
- Those who have owned and lived in their principal residence for at least five consecutive years during the past eight years
- Those with income up to $225,000 for couples or $125,000 for individuals (credit phases out for people who make more than these amounts)
- Must be at least 18 years of age to claim credit
- Purchase price must be $800,000 or less
Deadlines:
- Have until April 30, 2010, to enter into contract for a home purchase
- Have until June 30, 2010, to close on the purchase
*PLEASE NOTE:* The tax credit does not have to be repaid provided you live in the new home for a minimum of three years. *Military families are exempt from this stipulation. *Purchaser must attach documentation of purchase to tax return.
Contact Jane Fischer Today! 641.425.4900
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