$6500 Tax Credit

Baltimore Real Estate Market Third Week of February 2010

February 21st, 2010

As we enter the fourth and final week of February, I am reminded as to where the market was last year at this time versus this year. I have seen showings become more frequent in the past week and the excitement over spring's arrival in the next few weeks definitely brings people out to look. [...]

Homebuyers Claiming Tax Credit Cannot E-File

January 29th, 2010

Homebuyers who are claiming either the $6,500 move up credit or the $8,000 First Time Homebuyer Tax Credit cannot file electronically, according to the IRS. One of my past clients let me know of this after she read an article on MSN. (Thank you for the information and link!) The reason for this restriction is [...]

Update on Questions on Homebuyer Tax Credit for Married Couples

January 11th, 2010

When the Homebuyer Tax Credit was extended to include long-time homeowners buying new houses and getting a $6,500 credit, a whole new group of questions came into play. Unfortunately for a few clients of mine (and I am sure many others out there), the answers were not what they were hoping. One person owns a [...]

More Questions on Homebuyer Tax Credit Extension

November 19th, 2009

I have been receiving more emails and questions regarding the newly expanded homebuyer tax credit, so I wanted to address them and share links to documents from the IRS and the National Association of REALTORS (R) to help hopefully address those questions. 1) Do you need to SELL your current home that you have lived in for five [...]

Existing Homebuyer Tax Credit Information Update

November 6th, 2009

The big question that I and many others had about the new $6,500 tax credit for current homeowners, is whether buyers with their houses currently under contract would be eligible under the new bill. The answer, according to the National Association of REALTORS (R) is YES! The bill was signed into law today by President [...]

President Obama Signs Bill Extending Tax Credit — What are the Details?

November 6th, 2009

**Update: According to the National Association of REALTORS (R) , the answer to the main question below is YES, buyers settling houses after November 6, 2009, even if under contract before the bill was signed, would qualify for the credit. I still recommend speaking with your tax accounting professional to determine your eligibility and to be certain on [...]

House of Representatives Votes to Extend Tax Credit

November 5th, 2009

CNN reports that the House of Representatives voted 403-12 to extend the first time homebuyer tax credit this afternoon. The Senate passed this measure yesterday. The next step is to go to the President's desk for his signature. There are many questions as to whether buyers under contract now will be able to take advantage [...]

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