November 2009 Deadline $8000 Tax Credit
Real estate is now more than running from pillar to post personally hunting for properties and then, documentation within the litigation process. Buyer incentives and bailout planning are designed to offer tax credit and compensation to deals that are closed within predetermined periods.
Tax Credit, and not tax deduction, is offered to first-time homebuyers in Kennewick, Richland, Pasco and Washington, who close purchase deals with us till November 2009. The incentive comes in the form of a 10% of the estimated value being offered as home tax credit. The tax credit is literally equivalent to cash in hand!
Our tax credit phases out couple-incomes above $150,000 and in the case of individual filing, incomes above $75,000. The condition is that the home needs to be bought and maintained without sale being contemplated within the next three years. This feature is promoted as a dedicated buyer incentive. The tax credit is applicable to any principle residence. This provision is primarily to promote energy-efficient investments and increase support towards critical housing programs.
The tax credit bailout offers dollar-for-dollar tax reduction, which means that there is no payback involved if you owe anything up to $8,000 in income tax! The bailout buyer incentive is refundable. This feature allows you, as a homebuyer, to receive a check payment for credit if your limited income tax liability is proved. The tax credit incentive does not rule out the involvement of a tax advisor prior to important decision making.
Time is running out! Contact us, or start your home search today to allow for a November 2009 escrow close. Originally posted at $8000 Tax Credit.
Colleen Excellent post - just the facts and no puffery. Many people write on and on - they lose their audience Karen