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All the latest events, awards, or other news from your local Realtor® Association! Media inquiries may be directed to PMAR Chief Executive Officer Kathy Querin at 503-459-2161.Wednesday, March 3, 2010
Clock is Ticking on the Homebuyer Tax Credits
Portland, Ore. — If you buy a home this year, there are two tax credits that can result in a big check from Uncle Sam when you submit your 2010 taxes.
The first tax credit is the $8,000 so-called first-time homebuyer tax credit. This credit applies to those buyers who have never owned their own home. However, you are also considered a “first-time” buyer if you have not owned a home in the last three years.
Already own your home? Current homeowners purchasing a new home may qualify for a tax credit of up to $6,500. If you have used the home you are selling or vacating as a principal residence for five consecutive years within the last eight, then you are in the running for this credit.
The tax credit does not have to be repaid. Both credits may only be applied to purchases of homes that are $800,000 or less. In addition, buyers may receive the maximum credit if their income is up to $125,000 (for single buyers) or $225,000 (for married couples). Buyers making above those income limits may still receive a portion of the credit.
“With home prices and interest rates as low as we have seen in years, there is no better time to take advantage of the housing market,” notes Kerri Steinmann, president of the 2010 Women’s Council of Realtors® Greater Portland Area Chapter, and a broker with Keller Williams Realty Professionals. “Coupled with the tax credits, this is an opportunity we may never see again. I strongly encourage buyers who are thinking about taking the plunge to do it, before time runs out on the extension.”
The clock is ticking. With both credits, you must have a written binding contract to purchase in place by April 30th, but you will have until July 1st to close.
“In the end, the time is now, so that you can be moved into your new home before the July 4th weekend this summer!” said PMAR 2010 President David Tangvald, principal broker with Prudential Northwest Properties.
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PMAR, the voice of real estate in the Portland metropolitan area, is Oregon's largest local Realtor® association. Representing more than 6,000 professionals involved in all aspects of the real estate industry, PMAR is committed to protecting and promoting homeownership, establishing and maintaining high professional standards of practice and creating unity in the profession. Questions about homeownership? Visit www.HOWNW.com, a one-stop information resource on buying a home.
Portland Metropolitan Association of Realtors®
825 NE Multnomah, Suite 1145 | Portland, Oregon 97232 | P: 503-228-6595 F: 503-228-4170
