Contact MargaretTick Tock, Time is Running Out on the Tax Credit
April 9th, 2010 Categories: Crofton Real Estate 2
After today, there will be just 20 more days for you to get a tax credit for buying that new home you’ve been wanting in the Crofton area.
If you’re not out looking for a home yet, don’t wait ‘til the last minute because there’s a lot of competition for the best properties. In fact, as I mentioned in a recent blog, competing contracts are back – with full price + contracts, minimal or no concessions, and tight settlement schedules.
Here’s how it works:
- HOW MUCH? 10% of the home price, up to $8,000, for first-time homebuyers, including people who have not owned a home in the preceding 3 years. Since all homes in the Greater Crofton Area are well over $80,000, you can expect to get that full $8,000. AND… Up to $6,500 for existing homeowners who have lived in their home for 5 of the last 8 years.
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HOW DOES IT WORK? The tax credit is for a principal residence, whether it is single-family, condo or townhome. It will show up as a credit on your income tax, even if you don’t owe that much, and it does not have to be repaid if you live in the home for a minimum of 3 years.
- WHO QUALIFIES: Individuals with an adjusted gross income up to $125,000, or $225,000 if filing jointly. The credit is phased down for anyone earning more.
Buyers must enter into a contract before April 30, 2010 and settle by June 30, 2010. They must live in the home as a principal residence for at least 3 years (except military families, who are exempt from that requirement).
Let’s get started now, if you haven’t already. Click below on the “Search for Homes” button, and call me to show you any Crofton area home that interests you.
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FocusOnCrofton.com is your one-stop source for information about Crofton, Maryland, and the surrounding area. It’s my way of keeping current residents informed about their community and real estate matters while also attracting relocating home buyers to the Crofton area (including Bowie, Crownsville, Davidsonville, Fort Meade, Gambrills, Millersville and Odenton). Please feel free to contact me any time for more information about these communities.
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