CommonWealth Real Estate Your Way, Brodheadsville
Pocono and Lehigh Valley Real Estate Blog

6 Surprising Facts About the Buyer Tax Credit

January 23, 2010 by · Leave a Comment 

Daily Real Estate News | January 22, 2010
The homebuyer tax credit is not as simple or straightforward as you might think. Here are some nuances that will affect homebuyers who plan to use it.

To qualify for the move-up tax credit, a home owner must have occupied the same principal residence for five of the last eight years consecutively.
Buyers can elect to claim the credit on either their 2009 or their 2010 tax return, whichever is best for them.
Buyers who claim the credit in 2009 can’t file electronically because the Internal Revenue Service hasn’t put the required forms on line. The wait for a refund is three or four months.
The home can be a mobile home or travel trailer that is fixed to land owned or leased by the home owner. A mobile home or travel trailer that is actually mobile doesn’t qualify.
The home can’t be purchased from a close relative, including a parent, spouse, child, grandparent or grandchild.
A buyer who earns no taxable income or doesn’t owe any federal income tax can qualify for the tax credit and file a tax return just to claim it.

The tax credit has had a positive effect on the real estate market in the Poconos.  Buyers who would have waited until spring are now looking to buy to take advantage of the credit.  Move up  buyers should place their homes on the market now.  Waiting until spring will miss this great opportunity.  VMB

Vickie M. Brockelman, GRI, Epro
Broker/Owner RB#066680
Commonwealth Real Estate Your Way, LLC
26 C Pocono Blvd.
Mt. Pocono, PA
570-839-0411 (office number)
570-839-0415 (fax number)
570-972-0141 (direct line)

Learn more about Vickie Brockelman


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