On February 17, 2009, President Obama signed into law the American Recovery and Reinvestment Act of 2009 to jump start our economy. Will it work? Only time will tell. All of the details have not been hammered out, so watch this blog and as information gets dispersed, we will post it. But always talk to your accountant as to the most current interpretation of the tax incentives and if they apply to you. How does this affect the home buyer?
Targeted Incentives for New Home Buyers
If you are a first-time home buyer who purchases a new or existing home on or after January 1, 2009 and before December 1, 2009, you may be eligible for a tax credit of up to $8000.00. The credit phases out for individuals with incomes of $75,000.00or more and married couples filing jointly with an income of $150,000.00 or more. Furthermore, you (and your spouse) must not have owned a principal residence during the three-year period prior to purchasing the home.
Tax Relief- a Little More Money in your Pocket
Most wage earners will qualify for a 6.2% tax credit, up to $400.00 for a single tax filer and $800.00 for a married couple filing jointly for 2009 and 2010. The credit phases out for individuals with an income of $75,000.00 and married couples with income of $150,000.00 or more.
Home ownership is still one of the great long term investments. It is critical to work with an experienced Realtor who truly knows the value of the property. In our Winter Park market, location, location, location is still for long term appreciation. Winter Park Resort will continue to have great snow and skiers/boarders will still love the thrill of the mountain during and after this economic situation.
For additional Winter Park real estate information contact Winter Park Partners.
866-538-8666
www.winterparkpartners.com
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