Home buyer tax credit why sellers should know the 2010 deadlines!
Why should a seller be concerned with the first and the new existing home buyer tax credits? Because there are serious buyers out there right now that have to purchase something by April 30th, 2010 to qualify for the tax credits.
The deadline for these buyers is that they must buy or be under a binding contract by April 30th, 2010 and then close no later than June 30, 2010. For anyone thinking of selling in the next year these deadlines are important! Sellers should also not be miss-lead because in the past this tax credit was a First time home buyer tax credit but the expanded tax credit includes buyers that have lived in their current principal residence for five consecutive years. So now move up buyers can also qualify for a tax credit of up to $6500. Some sellers may also believe that their home sale price would may be too high for the income limits set on these purchases - Don’t be fooled the income limit is fairly high. Taxpayers with modified adjusted gross incomes up to $125,000, or $225,000 for joint filers qualify for these credits. The sales price limit set by the IRS is $800,000. In Houston Texas you can by a lot of house with these limits. So don’t sit back and think your home sales price is too high!
If you are seriously thinking about selling your home I the next few months – now is the time to get your home on the market – before the tax credit ends.
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