Archive for July 9th, 2010

More Good Tax News For Orange County Home Buyers

Posted on July 9, 2010. Filed under: First Time Buyer help, Making Life Easier, Orange County Real Estate | Tags: buying a home, Orange County Real Estate |

The Weeks Team has great news they recently received from a local tax specialist – home buyers DON’T have to wait until next year to get their tax credit! In fact, qualified buyers can get a check this year. All they need to do is amend last year’s Federal tax return.

Patricia Yeckel, an Enrolled Agent with Canyon Tax and Bookkeeping in Rancho Santa Margarita, offers this helpful information for anyone wishing to learn more about this very generous credit:

• Any first-time homebuyers who entered into a binding contract to purchase a principal residence by April 30, 2010 and have or will be closing escrow before October 1, 2010, may be eligible for a tax credit up to $8000.
• There is a limit on purchase price of home: no credit available if home price exceeds $800,000.
• Long-time resident of same principal residence may qualify for reduced homebuyer credit up to $6,500 if taxpayer has lived in same home as principal residence for 5 out of last 8 years; new home purchased must be between 11/7/09 and 4/30/10.
• Credit phases out at Adjusted Gross Income in year of purchase between $125,000 and $145,000 for single taxpayers; $225,000 and $245,000 for married filing joint.
• Final settlement statement must be attached to correct form and to tax return.
• Credit may be claimed on the 2010 tax return filed after January, 2011 OR ON 2009 AMENDED RETURN FILED AS SOON AS ESCROW CLOSES IN 2010.  THIS IS THE BEST NEWS OF ALL!!!

If you’re ready to get your tax credit or simply want to know more about this exciting benefit, Patricia will be delighted to help. You can contact her at Canyon Tax and Bookkeeping (949) 888.2829 or pyeckel@canyontax.com.