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Clovis Real Estate News
November 6th, 2009
$8,000 Tax Credit Extended!
Congress extends $8,000 Tax Credit to both Existing and Current Home Buyers
The Clovis real estate market received more good news. Yesterday, Congress passed new legislation to extend the home buyer tax credit to not just first-time buyers, but also existing homeowners. Today, the bill was signed by President Obama today. Here’s the breakdown of the provisions of the new tax credit and how it impacts Clovis home buyers.
Who Qualifies for the Tax Credit
Once signed into law, the tax credit will be extended through April 30, 2010, with a 60-day extension if a binding contract is in place prior to the deadline. First-time Clovis home buyers will continue to receive a tax credit of up to $8,000, while existing homeowners will receive a credit of up to $6,500. Existing Clovis homeowners are eligible for the $6,500 credit if they have lived in their current residences for at least 5 years.
To qualify for the credit, Clovis home buyers must meet certain income guidelines. Income limits are expanded to $125,000 for individuals and $225,000 for joint filers. Individuals with incomes up to $145,000 and joint filers with incomes up to $245,000 qualify for reduced credits.
The purchase price of the home is capped at $800,000. In other words, any Clovis home purchase above $800,000 is not eligible for a tax credit. Also, your offer must be accepted by Apri
l 30th, 2010 and close by June 30th.
How to Claim the Tax Credit
Qualified Clovis home buyers can claim the tax credit on purchases completed in 2010 on their 2009 income tax returns. If the credit exceeds their tax bill, the government will issue a check. Clovis home buyers do not have to repay the credit, provided the home remains their primary residence for 36 months after purchase.
Frequently Asked Questions
Click here to view answers to frequently asked questions about the new home buyer tax credits. You can also compare the current tax credit with the newly passed version here.
Clovis Real Estate
The tax credit is just another reason to buy a Clovis home. Affordable homes, safe neighborhoods, and outstanding schools are a few of the many reasons why Clovis is such a great community to live in.
If you’re thinking about buying a Clovis home, contact us. We’re Clovis Realtors who specialize in Clovis homes. At Clovis Real Estate you receive fast, professional service and expert knowledge. We’re not only Clovis home experts, but we help you find a fantastic Clovis home at the very best price. Let’s go house-hunting today! Act now and receive a FREE Moving Van or 1-Year Home Warranty! Limited Time Only.
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