Tick Tock - The Sound of the First Time Homebuyer Tax Credit Clock

Tick tock, tick tock.  What's that sound you hear?  It's the sound of the first time homebuyer's tax credit clock winding down.  April 30, 2010 is the last chance to have a home under contract before the $8000 tax credit expires.  There are no extensions visible on the horizon.  That leaves you only 24 days to find that Reno home you want, get approval and put it under contract.  That's not much time and this is a fantastic opportunity that you don't want to miss!

A first time homebuyer is someone who has not owned a home for the last 3 years.  Your adjusted gross income cannot exceed $125,000 for single taxpayers or those who are married and file as head of household or cannot exceed $225,000 for married taxpayers in order to be eligible for the entire $8000 credit.  The actual amount of the tax credit for your Reno real estate is based on the purchase price of your Reno home, which cannot exceed $800,000.  As long as you use the home for your primary residence for three years, you will not have to repay the credit.  However, if you sell your home or stop using it as your primary residence within three years of purchase, you will have to pay the tax credit back.

Contact your Reno real estate professional today so that you can get your contract underway for your Reno dream home.  You don't want that sound of the first time homebuyer tax credit clock to stop before you have a chance to take advantage of it.