Time is Running Out!!
Tuesday, October 20, 2009
The first time home buyers tax credit is getting closer to expiring. The $8,000 credit will expire on November 30, 2009. If you act now you can still close in time to receive the credit. Congress is considering to extend the credit beyond November 30th. Some important facts:
*The average time-frame from when you find a property until it closes is 30-45 days.
*The tax credit is for first time home buyers only. If you haven’t owned a home in the last three years, you are a first time home buyer.
*The tax credit does note have to be repaid.
*Single tax taxpayers with income up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.