First-Time Homebuyer Tax Credit

Current Homeowner Tax Credit

Read below for important changes in the Homebuyer Tax Credit.

CURRENT HOMEOWNERS NOW MAY QUALIFY IF YOU PURCHASE A NEW HOME BETWEEN DECEMBER 1, 2009 AND APRIL 30, 2010

Rice Realty is located at 38 E. Columbus Avenue in Corry, Pennsylvania approximately 30 miles south east of Erie, Pa.

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Buying a Home - Rice Realty offers you 178 years of combined sales experience that can assist you in every aspect of your real estate transaction, from beginning your search to your first house warming gift.

Multi-List - As your Rice Realty hometown agency, we cooperate with other real estate agencies in the state of Pennsylvania.  This means we can show you properties listed with other agencies.

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Selling your home - When anything and everything can go wrong - let the professionals at Rice Realty guide you through the minor and major steps of marketing your home.

 Homebuyer Tax Credit

 NOW APPLIES TO CURRENT HOMEOWNERS ALSO

Congress has extended and expanded the homebuyer tax credit.   The modifications to the bill became effective December 1, 2009 through April 30, 2010.

Amount of Credit  has increased to a maximum tax credit of $8,000.    Eligible properties are any single family residence that will be used as a principal residence.  This is a refundable tax credit that can reduce or eliminate your income tax liability for the year of purchase.  Any unused amount of tax credit is refunded to the purchaser.   There is an income limit, this credit applies to individuals with an adjusted gross income of no more than $75,000 ($150,000) on a joint return.     A first time homebuyer is someone who has not owned a principal residence in three years previous to purchase.    There is no repayment of  this credit for purchases made after January 1, 2009 and before April 30, 2010

Current homeowners  who have lived in their home  (principal residence) for 5 of the last 8 years are now eligible for a tax credit up to $6,500 (3,250 married filing separately).  So long as a written binding contract to purchase is in effective on April 30, 2010, the purchaser will have until July 1, 2010 to close.  Income limits and other restrictions apply - please call Vicki or Marne to discuss if you may be eligible.

Recapture: If the home is sold within three years of purchase, the entire amount of credit is recaptured on sale.  This applies only to homes purchased through April 30, 2010.

The termination date for this tax credit is April 30, 2010

If you have any questions regarding the tax credit, please call Vicki Melnichak (814) 664-8079 or Marne Roche (814) 664-8722.

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