(AND WE HAVE AMAZING AFFORDABLE HOMES & CONDOS ON MERCER ISLAND!)
Why only 15 more days? Since the program expires on November 30, 2009, and since it most likely will take up to 60 days to close on the home or condo you buy, you only have 2 weeks to find the home or condo you want to buy. If you’re not under contract by October 15th, you may not have a chance to claim the tax credit (especially if the property you prefer is a foreclosure or a short sale). Incidentally, IRS Form 5405 stipulates:
*Buyer may not have owned a “main home” in the past 36 months.
* The home may not be purchased from a parent, spouse, or child.
* Adjusted gross income for the household must be below $95,000 for single tax filers and $170,000 for joint tax filers.
The credit is capped at $8,000 or 10% of the purchase price, whichever is less. So, for instance, if you were to claim the full $8,000, and if you would normally owe $5,000 in taxes, you would receive $3,000 cash from the US Treasury when your tax return is processed by the IRS. Remember that if you can’t close by November 30, 2009, you won’t be able to claim the credit.
And have you seen the latest interest rates? They are so low! Call/text/email me now to find your Mercer Island “dream” home or condo so that you can take advantage of this amazing opportunity. You won’t find a more advantageous time to buy! For instance, there is a great 2 bedroom Mercer Island condo in a choice location with a brand new kitchen for only $219,000.