The current Las Vegas First Time Homebuyers Tax Credit offers a significant tax incentive to home buyers, we though it might be beneficial to explain some of the details and background.
This legislation was passed earlier this year as part of the overall economic stimulus package and the credit is good for $8,000. or 10% of the purchase price and is only available to consumers who have not owned a home in the previous three years.
Word to the wise, act fast, you only have a little over three months left on this program and it can take this amount of time to get a Las Vegas real estate transaction closed.
Overview of Las Vegas First Time Homebuyers Tax Credit:
- This is for first time homebuyers only, investors can’t qualify for this program.
- You must not have owned a principal residence for the three years prior to your purchase.
- The exact amount of the tax credit is equal to 10% of the home’s purchase price; or, up to a maximum amount of $8,000, whichever is less.
- There is no repayment required like programs in the past. But, you as the principal homebuyer must use the residence as a primary residence for at least three years, or face a recapture of the full tax credit amount.
- The tax credit is fully refundable; meaning, the homebuyer credit can be claimed even if the taxpayer has little or not Federal income tax liability to offset.
- The income restrictions encompass: single taxpayers with incomes up to $75,000. and married couples with up to $150,000. to qualify for the Las Vegas First Time Homebuyers Credit.
- There are partial tax credits available for taxpayers with incomes above the maximum limit.
- The tax credit can be claimed on 2008 Federal income tax returns, if the home was purchased on or after January 1, 2009.
- The time limits, home must be purchased on or after January 1, 2009 and before December 1, 2009.
If you want to take advantage of the Las Vegas First Time Homebuyers Tax Credit we would urge you to move quickly – you have slightly more than 90 days before the Tax Credit Program expires.
Right now we have lots of sales activity in our market in the $50-200K range, with multiple offers on many homes. So, call, email, Tweet or come buy: www.LasVegasRelocation.com info@LasVegasRelocation.com 877.360.2030: Twitter: RuthAhlbrand
