CONDODOMAIN DALLAS — Everyone knows about the new law that went into effect November 6th–it extends the first-time homebuyer credit five months and expands the eligibility requirements for purchasers.
What does this mean if you’re in the market to purchase some Dallas real estate? Plenty!!! And CondoDomain Dallas is here to help you.
“The Worker, Homeownership, and Business Assistance Act of 2009 extends the deadline for qualifying home purchases from Nov. 30, 2009, to April 30, 2010. Additionally, if a buyer enters into a binding contract by April 30, 2010, the buyer has until June 30, 2010, to settle on the purchase.
The maximum credit amount remains at $8,000 for a first-time homebuyer –– that is, a buyer who has not owned a primary residence during the three years up to the date of purchase.
But the new law also provides a “long-time resident” credit of up to $6,500 to others who do not qualify as “first-time homebuyers.” To qualify this way, a buyer must have owned and used the same home as a principal or primary residence for at least five consecutive years of the eight-year period ending on the date of purchase of a new home as a primary residence.”
The best part? For all qualifying purchases in 2010, taxpayers have the option of claiming the credit on either their 2009 or 2010 tax returns!
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Don’t wait! Start now and call one of our urban Dallas real estate agents today!