The credit of up to $8,000 for first-time buyers, originally due to expire Nov. 30, has been extended into 2010. This is money that never has to be repaid, provided you live in the home for three years.
Homebuyers who owned and lived in their principal residence for five consecutive years of the last eight are eligible for a credit of up to $6,500.
Facts about the Homebuyer Tax Credit:
You must have a signed purchase agreement for your home no later than April 30, 2010, and the transaction must close before July 1.
First-time buyers receive a credit of 10 percent of the purchase price, up to $8,000. You are considered a first-time buyer if neither you nor your spouse has owned a principal residence in the U.S. within the last three years.
Buyers who owned and lived in their principal residence for at least five consecutive years of the last eight can receive credit of up to $6,500 when they contract to purchase a home before April 30, 2010, and close before July 1.
The upper income limit to receive the full credit is raised to $125,000 for individuals and $225,000 for couples.
If the purchase price is more than $800,000, the buyer is not eligible for the credit.
There is no minimum income for claiming the credit. You qualify for the full credit even if you won't owe any taxes for 2009 or 2010.
You can claim the credit when you file your 2009 or 2010 tax return. And you can even apply the credit to your down payment for the purchase of an FHA-insured home.
Contact me today to assist you in your home purchase.
Dianne Sommers
RE/MAX Classic Group - Sales Associate/Market Consultant
(908) 432-5721
www.sommerssellsrealestate.com
Don't forget to ask me about our 14ft truck available to all our clients!
Saturday, March 27, 2010
Monday, January 11, 2010
211 Hickory Tavern Road, Gillette, NJ - Great New Price!!!
Classic circa 1870's home in the heart of historic downtown Meyersville. Includes large barns currently being used as antique/furniture refinishing business. Close to restaurants, shopping and recreational activities. Convenient to Rt 24, Rt 78 and NYC transportation. Zoned Residential/Village Business. Being sold "as is".
For more information please feel free to contact me or visit my website @
www.longhilltownshiphomes.com.
Wednesday, January 6, 2010
LONG HILL TOWNSHIP HOMES - 2008 vs 2009
2008
86 Homes sold
Average sales price - $539,647
2009
56 Homes sold
Average sales price - $498,513
Long Hill Township saw a 7.6% decline in average sales price from 2008 to 2009. We have definitely seen a “slow down” in the Long Hill market over the past 6 months. With the interest rates still at record low numbers, and the first time home buyers tax credit extended, we are looking for the home sale numbers to pick up over the next few months.
For more information do not hesitate to contace me or visit my website @
www.longhilltownshiphomes.com
86 Homes sold
Average sales price - $539,647
2009
56 Homes sold
Average sales price - $498,513
Long Hill Township saw a 7.6% decline in average sales price from 2008 to 2009. We have definitely seen a “slow down” in the Long Hill market over the past 6 months. With the interest rates still at record low numbers, and the first time home buyers tax credit extended, we are looking for the home sale numbers to pick up over the next few months.
For more information do not hesitate to contace me or visit my website @
www.longhilltownshiphomes.com
Facts about the Home Seller Tax Breaks:
Almost everybody has heard about the $7500 tax credit for first-time home buyers, but what about tax breaks for home sellers? Home sellers enjoy a tremendous tax benefit upon resale. Internal Revenue Code Section 121 authorizes an “exclusion” — escape from income taxes — for profits from home sales. The exclusion is as much as $500,000 for married couples who file joint returns, and $250,000 for single filers and couples who file separate returns. What happens, though, when the gain is greater than the exclusion ceiling of $500,000 or $250,000? Answer: The excess is taxed as a long-term capital gain at a maximum rate of 15 percent, plus applicable state taxes. The key requirement: Own and live in the property as your principal residence for periods aggregating at least two out of the five years ending on the sale date, and at least two years must have elapsed since you last used the exclusion.
For more information do not hesitate to contact me or visit my website @
www.longhilltownshiphomes.com
For more information do not hesitate to contact me or visit my website @
www.longhilltownshiphomes.com
Wednesday, December 9, 2009
Facts about the Homebuyer Tax Credit
Facts about the Homebuyer Tax Credit:
You must have a signed purchase agreement for your home no later than April 30, 2010, and the transaction must close before July 1.
First-time buyers receive a credit of 10 percent of the purchase price, up to $8,000. You are considered a first-time buyer if neither you nor your spouse has owned a principal residence in the U.S. within the last three years.
Buyers who owned and lived in their principal residence for at least five consecutive years of the last eight can receive credit of up to $6,500 when they contract to purchase a home before April 30, 2010, and close before July 1.
The upper income limit to receive the full credit is raised to $125,000 for individuals and $225,000 for couples.
If the purchase price is more than $800,000, the buyer is not eligible for the credit.
There is no minimum income for claiming the credit. You qualify for the full credit even if you won’t owe any taxes for 2009 or 2010.
You can claim the credit when you file your 2009 or 2010 tax return. And you can even apply the credit to your down payment for the purchase of an FHA-insured home.
www.longhilltownshiphomes.com
You must have a signed purchase agreement for your home no later than April 30, 2010, and the transaction must close before July 1.
First-time buyers receive a credit of 10 percent of the purchase price, up to $8,000. You are considered a first-time buyer if neither you nor your spouse has owned a principal residence in the U.S. within the last three years.
Buyers who owned and lived in their principal residence for at least five consecutive years of the last eight can receive credit of up to $6,500 when they contract to purchase a home before April 30, 2010, and close before July 1.
The upper income limit to receive the full credit is raised to $125,000 for individuals and $225,000 for couples.
If the purchase price is more than $800,000, the buyer is not eligible for the credit.
There is no minimum income for claiming the credit. You qualify for the full credit even if you won’t owe any taxes for 2009 or 2010.
You can claim the credit when you file your 2009 or 2010 tax return. And you can even apply the credit to your down payment for the purchase of an FHA-insured home.
www.longhilltownshiphomes.com
Monday, November 2, 2009
LONG HILL TOWNSHIP MARKET UPDATE - OCTOBER 2009 - FIRST TIME HOME BUYERS TAX CREDIT
LONG HILL TOWNSHIP MARKET UPDATE
October 2009
New listings - 7
Under Contract - 4
Closed Sales - 7
FIRST TIME HOME BUYER TAX CREDIT:
The first time buyers tax credit has been EXTENDED and EXPANDED! Apparently through April 30, 2010 with a 60 day extension for contracts written by that date to close. It is also EXPANDED for move-up buyers (possibly a $6500 credit) who have lived in their homes for the past 5 years.
More details to follow...we are just waiting for a final bill to be passed in the Senate...this is great news!!!
For more infor mation on Long Hill Township Real Estate or the First Time Home Buyers Tax Credit, please do not hesitate to contact me on my cell at (908) 432-5721.
October 2009
New listings - 7
Under Contract - 4
Closed Sales - 7
FIRST TIME HOME BUYER TAX CREDIT:
The first time buyers tax credit has been EXTENDED and EXPANDED! Apparently through April 30, 2010 with a 60 day extension for contracts written by that date to close. It is also EXPANDED for move-up buyers (possibly a $6500 credit) who have lived in their homes for the past 5 years.
More details to follow...we are just waiting for a final bill to be passed in the Senate...this is great news!!!
For more infor mation on Long Hill Township Real Estate or the First Time Home Buyers Tax Credit, please do not hesitate to contact me on my cell at (908) 432-5721.
Friday, September 4, 2009
Great new listing in Long Hill Township!!!
Lovely, 3 bedroom 2 bathroom split level located in the Millington section of Long Hill Township. Great piece of property. Open, level back yard. Hardwood throughout first and second floor. Family room with wood burning stove and walkout to back patio.Spacious master bedroom with shower stall in master bathroom. Large, updated hallway bathroom. Close to NYC Train & Bus. Minutes from Routes 78 & 287. Easy Access to Shopping and Entertainment.
For more information visit my website @ www.longhilltownshiphomes.com or call me on (908) 432-5721.
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