Panama City real estate | Tax credit extension approved!

Posted on November 5, 2009
Filed Under Florida real estate - Investor Insights | 2 Comments

More good news for first time buyers, sellers and the economy…

The Senate approved $8,000 home buyer tax credit until May 1, 2010.  In addition, they added a $6,500 tax credit for repeat buyers.

Read on…

The House today and the Senate yesterday passed legislation to extend the $8,000 home buyer tax credit to May 1, 2010, for first-time buyers and add a $6,500 tax credit for repeat buyers if they’ve lived in their home for five of the past eight years. Home prices are capped at $800,000.

The legislation in both houses was included in a bill to extend unemployment benefits and is expected to be signed by President Obama shortly.

“REALTORS® appreciate the swift action by Congress to extend the home buyer tax credit and expand it to some current homeowners,” says NAR President Charles McMillan. “As the leading advocate of housing and real estate issues, we urge President Obama to sign this legislation into law quickly to keep the momentum going in the fragile recovery of the nation’s housing market.”

Under the bill, 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.

Households who have binding contracts in place by April 30 will be allowed an additional 60 days to complete their transaction. The deadline for members of the military serving out the U.S. for at least 90 days between Jan. 1, 2009, and May 1, 2010, has been extended one year.

Taxpayers can claim the credit on their federal income tax returns. If the credit exceeds their tax bill, the government will issue a check. Taxpayers will be able to claim the credit on their 2009 income tax return for purchases made in 2010.

This is good news not only for buyers, but sellers as well. More buyers in the market means a more opportunities to sell.

While prices may not have been what they have been, if you need to sell this is good news.

Owners, put my technology to work for you.  If you are interested in selling your home or condo, contact me today (850) 774-6582 for a free no obligation Home value report.

Buyers, when you’re ready to purchase a Panama City Beach Gulf or Bay front condo for your vacation home, contact me directly (850) 774-6582 for the latest information and pricing on any of the Panama City Beach condos for sale.

Jennifer Mackay
850-774-6582
Florida Real Estate | Panama City

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Author : Jennifer Mackay - Posts:224

Jennifer Mackay is an award winning real estate agent and Keller Williams team leader in the Panama City Florida area. Her website: Panama City Real Estate provides guidance, information and free buying and purchasing features for registered visitors. Follow: @realtorjennifer | Facebook

Comments

2 Responses to “Panama City real estate | Tax credit extension approved!”

  1. Ryan Nager on November 6th, 2009 10:59 am

    I am an agent in the Pheonix Metro Area, we have seen this tax credit help many people that previously thought they could not afford a house finally take the neccasry steps to go through the process. I think it is the right step by Congress to extend the benefit so everyone can have the opportunity of home ownership. Good blog Jennifer
    Tempe Real Estate

  2. Jennifer Mackay on January 5th, 2010 11:04 am

    Hi Ryan,

    Sorry it took so long to get this posted, but I’m still catching up on the end of year for my customers.

    I agree with you, this tax credit does continue to help many and hopefully will continue through out the new year.

    Best wishes

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