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#1 in Grove City Since 2007 Most Homes SOLD

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Tax Credit when you sell & purchase a home in 2010.

WORKER, HOMEOWNERSHIP, & BUSINESS
ASSISTANCE ACT OF 2009
Congress included a few tax provisions in its Emergency Unemployment Compensation Extension Act. The most time-sensitive tax provision is the extension of the first-time homebuyer credit. Clients have a few more months to look for a new home and get a bit of help from Uncle Sam toward purchasing that home.
First-Time Homebuyer Credit
Time to purchase qualifying home extended through April 30, 2010. In hopes of stimulating home purchases during the continuing housing market slump, Congress extended and expanded the first-time homebuyer credit (§36(h)). The credit was due to expire November 30, 2009, but has been extended for purchases made before May 1, 2010. A special provision allows a home purchase to qualify for the credit if a binding contract to purchase is in place by April 30, 2010, and the purchase closes before July 1, 2010. 
Long-time resident of same principal residence qualifies for reduced homebuyer credit. If a homeowner (and, if married, his or her spouse) has owned and used the same home as his or her principal residence for 5 consecutive years of an 8-year period, a subsequent home purchase after November 6, 2009, will qualify for the first-time homebuyer credit. The credit for a long-time resident may not exceed $6,500 (§36(c)(6) and §36(b)(1)(D)).
AGI limitation increased. For purchases after November 6, 2009, the credit phases out at an AGI in the year of purchase between $125,000 and $145,000 ($225,000 to $245,000 for MFJ) (§36(b)(2)(A)(i)(II)).
Limit on purchase price of home added to law. No credit is allowed for the purchase of a home after November 6, 2009, if the purchase price exceeds $800,000 (§36(b)(3)).

Now is a great time to buy!
For more information or to find your dream home, contact The Mike Laemmle Team today.
614-594-0091
mike@themikelaemmleteam.com
*Consult a tax advisor to see how the tax credit impacts you personally.