DOES IT STILL MAKE SENSE TO RENT? MAYBE NOT! If you've been considering a home purchase in the Santa Clarita area, The Robert & Brian Team @ Realty Executives of Valencia is excited to fill you in on some details about the new & special tax breaks you may be able to take advantage of, here in 2009! What? #1 - $8,000 Federal Housing Tax Credit For First Time Buyers #2 - $10,000 California State Tax Credit For New-Home Buyers How? #1 The federal government passed legislation, included in the recent economic stimulus bill, that allowed for first time home buyers to receive an $8,000 tax credit when buying (closing on a home) anytime from January 1, 2009, through December 1, 2009. Even if you've owned a home before, but not in the past three years prior to your next purchase, you may be considered a first time home buyer! There are some income limitations to be aware of in order to receive the full credit, such as, married couples purchasing can not make over $150,000 (modified adjusted gross income), and a single individual purchasing can't make over $75,000 (modified adjusted gross income). The $8,000 does not have to be repaid. The first time home buyer(s) MUST use the home as their principal residence for at least 3 years, or the credit may be recaptured. #2 Recently the California State Legislature approved a fund of $100,000,000 to be applied toward a tax credit available to anyone in California that purchases a new home thats never been occupied previously. Simply put - brand new! The tax credit is $10,000, payable over 3 years, in the amount of $3,333, beginning with the tax year the home is purchased in. The new home has to be purchased anywhere from March 1, 2009, through March 1, 2010. However you may not want to wait for this one! If the $100,000,000 gets exhausted prior to March 1, 2010 - then it's gone! It's first come first serve. And the best part of this tax credit is that you don't even have to be a first time home buyer! The home does however have to be your primary residence, and you can't sell it for at least 2 years, or the tax credit will have to be repaid. THAT'S $18,000 IN TAX CREDITS FOR SOME OF YOU! IF YOU'RE A 1ST TIME HOME BUYER, YOU'RE ELIGIBLE FOR BOTH THE $8,000 AND THE $10,000! DON'T FORGET: MOST OWNERS ARE ABLE TO WRITE OFF THE INTEREST ON THEIR MORTGAGE OF THEIR PRIMARY RESIDENCE, AS WELL AS THE PROPERTY TAXES ON THEIR PRIMARY RESIDENCE! WITH ALL OF THESE TAX ADVANTAGES...HOW CAN YOU CONTINUE TO RENT? ALSO - CLICK HERE TO FIND OUT ABOUT THE SANTA CLARITA $4,000 FIRST TIME HOME BUYER GRANT AVAILABLE TO YOU IN 2009 - FIRST COME FIRST SERVE! LOW PRICES, LOW INTEREST RATES, COMPOUNDING TAX ADVANTAGES & BREAKS... Call The Robert & Brian Team Today! 661-964-1760 & Info@TheScvAgents.com or Start your home search here... or Use the form below to contact us now
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