Homebuyer Tax Credit assisting sales in Prescott Real Estate Market
As most people have heard, the new federal tax credits for first-time homebuyers has been extended. A tax credit of up to $8,000 is available for first-time homebuyers through June 30, 2010.
In addition, a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years over the last eight years is available.
Fortunately for buyers looking to purchase homes in the Prescott real estate market the new tax credit coincides with recent lower prices seen throughout our area. For the first time were seeing some of the housing prices approach 2002-2003 valuations which is excellent news for buyers.
Sometimes buyers would like to get that credit in advance of the property purchase, however that is not allowed by IRS rules. You are able to take advantage of the tax credit in 2009 by filing with your 2009 tax return or you can file an amended 2008 tax return to obtain your credit. The credit is only allowed after the purchase of the property.
For more details please contact your lender or contact Scott Baxter at Realty 2000 Town & Country in Prescott AZ for lists of local lenders who can give you additional information. Meanwhile start thinking of that new home and contact me to assist you with your future plans. I can make arrangements to show you some listings in email or here in person, always glad to help.
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