Home Buyer Tax Credit, New NOL Rules Signed Into Law

In a major victory for NAHB that will boost the fledgling housing recovery and help struggling business owners nationwide, Congress last week approved legislation that will extend the first-time home buyer tax credit beyond its Nov. 30 deadline and expand it to a wider group of home buyers. The bill also provides relief to cash-strapped home builders by providing broader tax benefits for businesses with net operating losses (NOLs).
The legislation, which was signed into law by President Obama on Nov. 6, will extend the $8,000 credit for first-time home buyers for sales contracts entered into by April 30, 2010 and closed on by June 30. It has been expanded to include a new $6,500 credit for owners of existing homes who are purchasing a new principal residence. Existing home owners can claim the $6,500 tax credit if they have been residing in their principal residence for five consecutive years out of the last eight. In more good news, the income eligibility limits to claim the full credit amount for both groups of home buyers have been raised from $75,000 for single taxpayers and $150,000 for married taxpayers filing a joint return to $125,000 for individuals and $225,000 for married couples.
For More Information on how you can use the Home Buyers Tax Credit, Contact your Colorado Springs Real Estate Expert, Mike MacGuire Today!
NAHB’s consumer-oriented Web site, www.FederalHousingTaxCredit.com, provides complete details on the enhanced home buyer tax credit.NAHB has launched a set of resources at www.nahb.org/taxcreditresources to help association members understand and promote the new tax credit.

Comments

Post a Comment

Popular posts from this blog

The MacGuire Team & US Military

Image
Memorial Day is one day out of the year where we remember the men and women who have died for our country in the military. The MacGuire Team wants you to know that we also remember our military who are currently serving and their family. Because of this, we have provided the #1 Military Relocation Service in Colorado Springs . Moving can be stressful enough without having to add in other stressors like fast turn around times and another spouse who is left to handle everything. Here are just a few ways The MacGuire Team can make it easier with our  military relocation service . Colorado Springs Military Relocation Service Military families have special needs when they move. Distances are vast and time is of the essence. The MacGuire team understands that the 10-day window before reporting for duty at the new assignment is crucial to your relocation. Often, one spouse has the responsibility to choose a new home for the entire family. Or when selling, the remaining spouse must deal w
Read more

Mike McGuire's Real Estate Selling Strategy

Image
When selling your home, there are several ways you can accomplish it - but there are some ways that are better than others. When you hire the best real estate agent in Colorado Springs we use our 25 years of experience to not just sell your home, but to sell your home at the highest price possible in the shortest amount of time. Selling your home can be an overwhelming process, but our team is ready to assist you with ALL of the details. We have a very specific selling strategy that can give us the ability to make the most of your unique selling situation and sell your home as fast as possible. Here is how we accomplish this: Condition There are a few factors that go into selling your home: condition and price. The real estate market controls the price, but you can control the condition. Our team of agents can help you prepare your property for the market with advice that is time-tested. Our comprehensive listing enhancement services provide you with professional home stagi
Read more

Real Estate: We are NOT the Only Ones Saying You Should Buy

Image
By KCM Crew We have never hid our belief in homeownership. That does not mean we think EVERYONE should run out and buy a house. However, if a person or family is ready , willing and able to purchase a home, we believe that owning is much better than renting. And we believe that now is a great time to buy. We are not the only ones that think owning has massive benefits or that now is a sensational time to plunge into owning your own home.  Here are a few others: Benefits of Owning Joint Center for Housing Studies, Harvard University “Homeowners pay debt service to pay down their own principal while households that rent pay down the principal of a landlord…Having to make a housing payment one way or the other, owning a home can overcome people’s tendency to defer savings.” The Federal Reserve “Renters have much lower median and mean net worth than homeowners in any survey year.” Benefits of Buying Now Trulia “Buying costs less than renting in all 100 large U.S. metr
Read more