Pinetop White Mountain Blog

Good Evening Everyone,

If you missed out on the tax credit in 2008 and 2009 you have another opportunity.  The $8000. tax credit for First Time Homebuyers is still available until April 2010.  In addition Congress added a $6500. tax credit for existing homeowners who have used the home as a Principal Residence for 5 of the last 8 years.  This is a great opportunity for you who have either sold or are in the process of selling an existing home and buy another.  Don't miss out, this could be the last time we see this available and get in while the interest rates are still low.  

The details follow this post.  Take a look and then give me a call and let me help you get in on this great opportunity to own your first home or move up in to a little bigger home. 

Have a great weekend everyone, I look forward to hearing from you soon.

Sandra Paulow, Associate Broker, GRI

Your High Country REALTOR®   (928) 242-0300

Congress has extended and expanded the homebuyer tax credit The modifications in the column labeled "December 1 - April 30, 2010" become effective when President Obama signs the bill. All changes made to the current credit become effective on that date, as well.

FEATURE	Jan 1 - November 30, 2009 Rules as enacted February 2009	December 1 - April 30, 2010 Rules as enacted November 2009
First-time Buyer -Amount of Credit	$8000 ($4000 married filing separate)	$8000 ($4000 married filing separate)
First-time Buyer -Definition for Eligibility	May not have had an interest in a principal residence for 3 years prior to purchase	Same
Current Homeowner -Amount of Credit	No Provision	$6500 ($3250 married filing separate)
Effective Date -Current Owner	No Provision	Date of Enactment
Current Homeowner -Definition for Eligibility	No Provision	Must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years
Termination of Credit	Purchases after November 30, 2009. (Becomes April 30, 2010 on Date of Enactment]	Purchases after April 30, 2010
Binding Contract Rule	None	So long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.
Income Limits (Note: Increased income limits are effective as of date of enactment of bill)	$75,000 - single $15 0,000 -married Additional $20,000 phase out	$125,000 - single $225,000 - married Additional $20,000 phase out
Limitation on Cost of Purchased Home	None	$800,000 Effective Date of Enactment
Purchase by a Dependent	No Provision	Ineligible Effective Date of Enactment
Anti- fraud Rule	None	Purchaser must attach documentation of purchase to tax return