Homes & Neighborhoods in Southwest Austin Call Me at (512) 914-6118!

 

       

 


 

             
      Brenda Sours, Realtor®
      914.6118 Office
      949-5084 Fax
 
      View All Homes For Sale in Austin here
      www.AustinHomeSells.com      
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February/2010
 
 
Welcome to Austin's Real Estate Update
 
 
The real estate market is constantly changing, so what better way to keep up with whats happening in the Austin market than with a monthly newsletter.  I hope you find the information useful!
 
Are you wondering if you are eligible for the $6,500 tax credit if you presently own a home?
IRS rules dictate that you must own your home for eight (8) years, with five (5) consecutive years of you living at your principal residence. 
You must purchase a new home (your principal residence) between Nov 7, 2009 and April 30, 2010, although you can still receive credit as late as June 30, 2010 if you have a binding contract by April 30, 2010. 
 
To claim your credit you must provide proof to IRS by providing a copy of the Settlement Statement (HUD) that you receive a the time of closing. 
Single-family homes, townhouses, co-ops, and condos are all eligible for a tax credit, as well as mobile homes, if it was your principal residence.    
The $6,500 is not the amount everyone will receive as it begins to decrease for joint filers if your modified adjusted gross income is $225K ($125K for individuals); and it all but disappears at $245K ($145K for individuals).  
 
First Time Homebuyer Tax Credit
 
Are you eligible for the $8,000 tax credit if you are a first time homebuyer?  
 
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Brenda Sours, Realtor®
Sky Realty
(512) 914-6118
 

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Brenda Sours is licensed to do business in the State of Texas by the Texas Real Estate Commission:  License # 0555929

    

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