Austin Texas Homes

Austin buyers have approximately 30 days left to take advantage of the one time $8,000 First-Time Home Buyers Tax Credit.  For buyers who will be applying for a loan to puchase a home, the window of opportunity is closing fast.  While the tax credit does not officially end until November 30, this leaves only about 30 days to locate a home, open escrow and get loan approval.  If there is any delay, you not be able to claim the tax credit.

• Your escrow must close by the end of the business day on November 30!

Anyone who has not owned a home within the past three years may qualify for the tax credit, depending on their income.  The income limit for those filing single is $75,000.  The income limit for those filing jointly is $150,000.  There is a phase-out program for those exceeding the limit.  Before counting yourself out, be sure to talk with your tax professional.  After adjustments, you could still qualify for a partial tax credit.
 
The attractive $8,000 First-Time Home Buyers tax credit is not an automatic $8000 tax credit.  The limit is $8,000.  The actual tax credit you will receive will be 10% of the sales price of the home you purchase.
 
A tax credit is free money!  This is not a tax deduction, but an actual dollar for dollar reduction in the taxes you will owe for 2009.  In some cases, the tax credit can be applied to your 2008 taxes.
 
The tax credit applies only if the home you purchase is your principal residence.  The tax credit does not have to be repaid, ever, as long as you live in the property for the first three consecutive years.
 
It is not often the government is willing to give you money.  Don’t let the opportunity pass you by.  There is no extention available!  Contact me now to help get you into a home before the tax credit expires.

Shay Hargus, Realtor®/Broker for all your Austin real estate needs