Extended Tax Credits

Tax credits Extended

President Obama signed legislation extending the $8,000 first time home buyer credit. They also created a $6,500 tax credit for longtime homeowners who are buying new homes. Under the new law, the credits are available to qualifying buyers who sign a binding contract by April 20, 2010, and who close by June 30, 2009

You are considered a first time home buyer if you have not owned a home for 3-years. A credit is available only for the home you are going to live in. For the first time home buyer, the credit is 10% of the purchase price up to $8,000 credit. The credit does not have to be repaid if you live in the home for 3-years.

Long-time home owners can get a credit; the maximum is $6,500, up to $800,000 purchase amount. Income levels for singles $125,000 to $145,000 and $225,000 to $245,000 for married couples. To quality for $6,500 tax credit you have to have lived in your home for 5-years or more.

So for more information on purchasing Maui real estate, give me a call. There currently are some great buys out there. You can also go to my site to search all Maui condos for sale, and Maui homes for sale on the market.


Aloha,

Steven Nickens R(S), GRI, ABR
The Wailea Group,LLC
3750 Wailea Alanui, Suite 5WE
Wailea, Maui, Hawaii 96753
www.nickensmaui.com
Cell: 808-280-2208
Email: nickens@maui.net