President Obama signed legislation on Nov. 6 that extends and expands the U.S. tax credit for homebuyers. Mainstreet is the primary spot for tools and resources to help RE/MAX Associates educate buyers about the tax credit and what it means for them.
View a Dave Liniger video discussing the tax credit extension from an industry perspective. A consumer-facing video featuring Margaret Kelly is also available on YouTube and remax.com. Use this link to share the Kelly clip with clients and customers: http://www.youtube.com/watch?
v=Q3BzAYXCR1A. Additional videos are being developed.
Read a Nov. 6 Associated Press news article about the government action that extended and expanded the tax credit. The action come after Congress voted to extend higher loan limits on federally backed mortgages. Read more.
Watch a CNBC panel discussion in which Margaret Kelly addresses the tax credit and its implications.
Immediately following the Nov. 6 announcement, RE/MAX International produced two informational marketing PDFs for Associates to download and share: (1) Frequently Asked Questions and (2) Issue Briefing. Watch Mainstreet for more resources connecting you to the opportunities created by the tax credits.
Read more from NAR on the tax credit extension.
Download a marketing flyer to mail or e-mail to potential buyers. You can also find the flyer in the RE/MAX Design Center by following this path in the Design Gallery: RE/MAX Library >> Flyers >> Homeowner Services.
Tax credit plan
The homebuyer tax credit expansion measure includes these provisions:
• Extends the $8,000 first time Homebuyers Tax Credit and creates a new $6,500 tax credit for homeowners buying a new home by July 1, 2010.
• Homebuyers with contracts as of April 30 qualify for the credit so long as they close the transaction within 60 days.
• The full credit is available to homebuyers with incomes of up to $125,000 for a single return or $225,000 for a joint return.
• Not available for homes costing over $800,000.
• Homebuyers who already own a home are only eligible if the home they are leaving has been used as a principal residence for five consecutive years in the last eight.
• Provides authority to the IRS to provide greater oversight while processing the return and requires that the taxpayer claiming the credit be 18 or older.
• Members of the military, military intelligence and foreign service who are on qualified extended official duty are not subject to the recapture fee and individuals who have been deployed overseas for 90 days or more in 2008 or 2009 can claim the credit through April 30, 2011.
“Realtors® appreciate the swift action by Congress to extend the homebuyer tax credit and expand it to some current homeowners,” NAR President Charles McMillan says.
“The substantial rise in home sales we’ve seen over the past few months proves that the tax credit is working and is being used by buyers who were waiting for the right opportunity to get into the market,” McMillan says. “This important incentive is helping to stabilize the housing market, stimulate the economy and create new jobs in communities all across our great nation. Extending and expanding the home buyer tax credit will enable even more families to take advantage of current low interest rates and affordable prices to invest in their future through homeownership.”
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