Insurances.net
insurances.net » Housing Insurance » Troy Michigan Home Market Benefits From Tax Credit Extension
Auto Insurance Life Insurance Health Insurance Family Insurance Travel Insurance Mortgage Insurance Accident Insurance Buying Insurance Housing Insurance Personal Insurance Medical Insurance Property Insurance Pregnant Insurance Internet Insurance Mobile Insurance Pet Insurance Employee Insurance Dental Insurance Liability Insurance Baby Insurance Children Insurance Boat Insurance Cancer Insurance Insurance Quotes Others
]

Troy Michigan Home Market Benefits From Tax Credit Extension

Troy Michigan Home Market Benefits From Tax Credit Extension

Disclaimer: Im not a CPA or Tax Specialist; if youre going to buy a house and take

advantage of the tax credit, work with a good accountant or tax specialist to make sure you get everything right.

The federal government recently extended the home buyer tax credit deadline to April 30th, 2010 and made some updates to the program that could impact the Troy Michigan home and condo market.

INCOME / FINANCIAL GUIDELINES

Before the adjustments were made, buyers would need to earn less than $75,000 a year to qualify for the full credit (the limit was set at $150,000 for couples). The government has since adjusted the program to allow individuals with income up to $125,000/year to qualify (or $225,000 for couples). The income limit is based on your modified-adjusted-gross-income, or what you take home after deductions, plus income from foreign investments. This adjustment will have a positive impact on the nicer homes and condos in Troys neighborhoods.Troy Michigan Home Market Benefits From Tax Credit Extension


FIRST-TIME-BUYER LIMITATIONS

This adjustment will affect singles and couples who are looking to move from their existing home or condo into a larger Troy residence. If youre a homebuyer who has owned a home, youll qualify if you (or your spouse) has owned and used the same residence for a 5-consecutive-year period within an 8 year period ending on the date that you purchase the new home (read that again, I know its confusing and remember to consult your tax professional!).

QUALIFYING FOR A PARTIAL TAX CREDIT

If your income is above $125,000/year but below $145,000 ($225,000 and $245,000 for couples), you can still qualify for a partial tax credit. They determine the amount of your credit based on your yearly income.

OTHER FACTS

You have to live in the home for three consecutive years after the purchase.

Tax credits on purchases made in 2010 can be claimed on your 2009 taxes.

FHA buyers can get the credit at the time they purchase their home (you dont have to wait until you file your taxes).

Home purchases above $800,000 will not qualify for the home tax credit.

Military personnel who have been deployed overseas for over 90 days in 2008 or 2009 will have one additional year (until April 30th, 2011) to qualify for the credit.

These adjustments are obviously great news for people looking for homes and condos in Troy. If youve started your search and you have questions about the area or a particular home, feel free to contact us. If youre just starting your search, check out the maps at http://troy.centricliving.com.

by: Rich Baum
Affording A Bank Foreclosure House May Be Easier Than You Think Moving Truck Rental Planning Guide The State Of The Charlotte Foreclosed Homes Market How To Choose The Most Profitable Fort Lauderdale Foreclosed Homes Building Your Dream Log Home Get The Finishing Touches Done When About To Close On Homes For Sale A Simple Guide in Buying a Home at the Miami Real Estate Market To Keep Your Current Home Or Not What Are The Benefits Of Investing In Home Foreclosures And How To Purchase One Successfully? Find A Dream Home What Are The Benefits Of Purchasing A Home Through Cape Coral Foreclosures And How To Bid Successful Federal Homes Include Hud Homes And Va Homes Employment Considerations With Miami Foreclosed Homes
Write post print
www.insurances.net guest:  register | login | search IP(44.200.74.73) / Processed in 0.010133 second(s), 6 queries , Gzip enabled debug code: 30 , 2665, 958,
Troy Michigan Home Market Benefits From Tax Credit Extension