Welcome to San Diego Blog | February 4, 2010
Expanded Home Buyer Tax Credit: The Clock is ticking for this Great Opportunity
You may be thinking that 3 month is plenty of time, but with a limited supply of homes and a multitude of buyers out there starting to feel the pressure to buy before the deadline, it would be smart to get serious about searching for property now rather than later.
As a refresher, First time home buyers are eligible for a tax credit up to $8000
The income limits are $125,000 for individual tax filers and $250,000 for joint tax filers. The price limit to be eligible for the credit is $800,000.
Remember, the home buyer tax credit is not just for first time buyers!
You can qualify for a $6500 tax credit if you buy a home and have lived in your home for five consecutive years of the last eight years. As long as you are buying a primary residence, you are not required to sell your current home right away or at all for that matter.
Interest rates are at all historically low levels, San Diego Homes and Downtown San Diego condo prices are lower than they have been for the past 7 years. Now is a great time to buy San Diego property and take advantage of these great tax benefits.
We have recently helped buyers at Crownbay Condos San Diego, Horizons San Diego Condos, The Legend San Diego Condos and home buyers in Northpark and Southpark take advantage of these wonderful tax benefits. See client testimonials.