Homebuyer Tax Credit EXPANDED!

We at Landfall Realty are excited about the creation of the Homebuyer Tax Credit enacted into law earlier this month.  The fact that the bill has been expanded to include other than first home purchasers is a huge bonus and may present a real opportunity for qualified purchasers! Now, existing homeowners are eligible for a $6,500 tax CREDIT upon purchase of a qualifying home if they have occupied their current home for 5 of the previous 8 years, and if their combined income is less than $225,000.  This credit is available in the year of closing (2009 or 2010).  The qualifying purchase contract must be executed prior to April 30, 2010, and  go to closing prior to July 1, 2010.  The maximum purchase price for the new home purchased is $800,000 with no exceptions.  For more information and a summary chart of the new tax credit (and the extented first home buyer credit as well)  please contact Landfall Realty at 910-256-6111.   Remember, a tax credit is far more valuable than a deduction, as it offsets tax dollars owed on a dollar for dollar basis.

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