Act Soon to Get Tax Credit
Thanks for visiting our Blog. Please take the time to subscribe to our feed.With only about seven months remaining before the $8,000 tax credit for first-time home buyers is scheduled to expire, Kreiser Construction wants to remind you that a decision needs to be made soon if you are wanting to be able to take advantage of the federal incentive.
“We have received many inquiries from potential home buyers asking if a sales contract on a new home by the Nov. 30 deadline will be sufficient to receive the first-time home buyer tax credit,” said NAHB (National Association of Home Builders) Chairman Joe Robson. “They have been surprised to find out that they must complete the purchase of the new home before they are qualified.”
Home buyers may qualify for the tax credit if they purchase the home on or after Jan. 1 but before Dec. 1, 2009. It is important once again to remember that a purchase occurs when the title to the home transfers, typically on the day of closing of the home sale. A signed sales contract is not sufficient to claim the tax credit.
Kreiser Construction is ready and willing to work with potential home buyers to get them into the new home of their dreams, but time is running out to make those dreams a reality while also benefiting from the $8,000 tax credit.
It is important that home buyers understand the time requirements and get the process started with Kreiser Construction today if they want their new home completed in time to claim the tax credit.
In addition to the Nov. 30 deadline, home buyers must also have not owned a home in the three years prior to the purchase and have a modified adjusted gross income (MAGI) less than $95,000 for single tax payers or $170,000 for married filers in order to qualify for the tax credit.
More information on the first-time home buyer tax credit can be found at www.federalhousingtaxcredit.com.
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