You are currently browsing the archives for the
Home Buyers category.
Advice and information for buying real estate in Colorado.
First Time Home Buyer Tax Credit: Extension of program in 2010
First Time Home Buyer Tax Credit: Extension of program in 2010;
Home buyers can rejoice in the fact that the first time qualified home buyer can still reap the benefits of the extended home buyer’s tax credit. It also extends the program by allowing up to $6,500 credit for current home owners who want to purchase a new home by April 30, 2010.
As defined by the IRS a first time home buyer can receive an $8,000 tax credit as someone who has not owned a home in the past three consecutive years. In addition if you have lived in your current home for at least 5 consecutive years then you are still eligible for a tax credit. The credit does not have to be paid back if the home stays the primary residence for at least three years from purchase.
The law defines a first time home buyer as someone who has owned a house for the last three years. This includes the home buyer history of both individuals either husband or wife during this period. Unmarried joint purchasers may allocate the credit amount to any buyer who qualifies as a first time home buyer. For example if a parent buys a house for their son or daughter, they may give the credit to the qualified buyer. Ownership of a vacation home or rental property not used as a primary resident does not disqualify a buyer as a first time home buyer.
The tax credit is calculated to 10 percent of the home’s purchase price up to the maximum $8000. The current income limit is $125,000 as single tax payer or up to $225,000 as a married tax payers. These apply to purchases made after Nov. 6th, 2009 up to April 30th, 2010.
The credit is also refundable which means that the home buyer credit can be claimed even if the tax payer has little or no federal income tax liability to offset. The great news here is the government will actually send you a check for a portion or even the whole amount of the tax credit. In short if the tax payer owes $8,000 in taxes and qualifies for the credit they will pay no tax in 2010.
These tax credits can be used to buy Denver real estate for sale, Denver homes for sale, Littleton homes for sale and even Centennial Luxury homes for sale.
Contact Legacy Real Estate and ask for Tom Reed or Bill Brown www.discovercoloradorealestate.com 303-933-3333
Colorado Real Estate | Riverfront Residences
Colorado Real Estate | Riverfront Residences
There are some exciting new real estate opportunities in Denver, which incorporate creative design, industrial materials and are located along the famous and beautiful
South Platte River corridor. This new development created by renowned architect David Baker is called Taxi II and was designed to create a large living feeling in [...]
Colorado New Home Builders | Use of Sweetners on the Rise
Colorado new home builders | Use of Sweeteners on the Rise
Builders around the country are sweetening the deal for buyers. Between the summer of 2006 and 2007, the number of builders offering optional items — like a fireplace or three-car garage — at no additional charge rose from 51 percent to 57 percent, according [...]
Colorado Real Estate | Boulder moves forward
Colorado Real Estate | Boulder Moves Forward
Situated in the center of a statewide economy that has grown while surrounded by states that have deflated in jobs and economic growth, the Boulder, Colorado real estate market has weathered well and continues to grow in 2008.
Richard Wobbekind, an economist with the Leeds School of Business at University [...]
Denver Rebound | Fewer unsold homes on market
Denver Rebound | Fewer unsold homes on market
Is the real estate market in Denver on the rebound? If the unsold homes number is any indication the six-year slow down might be the start of a legitimate recovery. The 5.4 % drop in unsold homes in July is the largest decline this year. All indications including [...]
Colorado Foreclosures| buyers beware when it comes to foreclosures
Buyers beware when it comes to foreclosures!
Colorado Foreclosures
Families looking for a home should not look at foreclosures as a rags riches success story but as a limited opportunity to find a property for their family.In a recent case the buyer found a home that the real estate agent said was bank owned, sold as-is, more [...]
Sedalia Colorado| Future Growth Plan to this Picturesque area
Sedalia Colorado Homes| Future Growth Plan to this Picturesque area
In the rural town of historic Sedalia, Colorado the local officials are trying to make plans to create growth through some exciting developments in this old railroad town. After years of slow growth in this one time bustling railroad hub, local officials will try to prepare [...]
Denver New Homes | Home Buying Guide: New Homes vs. Resale Homes
Denver New Homes | Home Buying Guide: New Homes vs. Resale Homes One of the first things you need to decide when considering buying a home is whether you want a brand-new home or an existing residence. The truth is, there are pros and cons to both sides of the new vs. pre-owned decision. As [...]
Colorado Homes For Sale | Housing Finance Authority
Colorado homes for sale | Housing Finance Authority
CHFA (Colorado Housing Finance Authority) is a non-profit investor that sells tax free municipal bonds to fund their loans and is there specifically to help low to middle income buyers into homes. Under the current market conditions in
Colorado this is a very beneficial program for new home buyers [...]
Colorado Luxury Homes | Castle Pines North Colorado
Colorado Luxury Homes | Castle Pines North Colorado
Castle Pines North is surrounded by sprawling open space with hundreds of luxury homes nestled amongst over 15,000 acres of beautiful terrain just south of the metropolis of Denver. The area is primarily designated as open except for the local developments along some of the best golf courses [...]
