Serving the Greater Sandpoint and Coeur d'Alene Areas of North Idaho
Tax Credit Not Just For First Time Homebuyers
We’ve heard a lot about the first time home buyer tax credit and some folks still don’t realize the tax credit now includes EXISTING homebuyers with certain qualifications. Yes, if you’ve occupied a home for five consecutive years out of the last eight years, you could qualify for a tax credit and make that long awaited move to Sandpoint or Coeur d’Alene, Idaho. The credit amount is figured on 10% of the home’s sale price with the maximum tax credit being $6,500. The maximum sale price of the home can’t be over $800,000. There are also income caps, but this, too, has been increased in order to qualify more home buyers.
The tax credit does not have to be repaid unless the home, at any time in the first 36 months, is no longer your primary residence. The deadline to take advantage of this one time tax credit is April 30, 2010 to have a home under contract and closed no later than June 30, 2010. There is still time, but the clock is ticking. We have a lot of good deals on real estate here in North Idaho just waiting for those folks who want to take advantage of the stimulus tax credit. Coeur d’Alene has a lot of inventory under $200,000 and Sandpoint has its charm and good deals as well.
To learn more detail about your qualifications, talk to your tax accountant who can guide you through this process. To learn more about the good real estate deals awaiting you, talk to your real estate agent. This IS a great time to buy. Your new home is waiting.