Davidson Realty, Inc.

Home Buyer Tax Credit Extended!

November 16, 2009

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Posted by in News

Sherry DavidsonDavidson Realty has been working with many first-time buyers looking for homes in St. Augustine that have been unable to close by November 30, 2009, which would prevent them from qualifying for the awesome tax credit of $8,000. This was a huge problem for families taking advantage of the great pricing on short sales in St. Augustine. The lenders are getting better, but the short sale process can still be very lengthy.

But now there is good news for all of these buyers that are unable to close by November 30th. The tax credit for first time homebuyers has been extended so that you as long as you sign a contract to buy a home before April 30, 2010 and close on your home by June 30, 2010, you are eligible for the $8,000 credit. Read more

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$8,000 First Time Home Buyer Tax Credit Ends November 30th

October 12, 2009

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Posted by in News

I was surprised to hear recently how many people looking at homes in Northeast Florida have not heard about the $8,000 tax credit for first-time homebuyers. I guess since I eat, sleep and breathe real estate, I assume other people understand what a great deal this tax credit really is.

The tax credit is similar to the Cash for Clunkers program for the car industry except instead of a $4,500 trade-in allowance, you will pay $8,000 less in taxes to the IRS or get an $8,000 federal income tax refund if you do not owe any income tax.

The $8,000 tax credit is available to anyone buying their fist home or anyone that hasn’t owned a home in three years. To qualify for the credit, you have to close on your new home by November 30, 2009. There is talk in Congress of extending the credit into 2010; however, until Congress passes new legislation, no one knows if it will be extended. Read more

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