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Explaining the Homebuyer Tax Credit ...

Posted on Feb 4, 2010 by Matt Thomas

Everyone has heard the buzz recently about the government tax incentives currently being offered to homebuyers. But, as with most government initiatives, the rules are regulations are not easily understood, and few people know the details.

Below is a video from BankRate.com that answers many of the most common questions.



In addition to the basics of the program outlined in this video, I’ve highlighted below some interesting facts about the program that you probably didn’t know:

* Buyers can elect to claim the credit on either their 2009 or 2010 tax return.
* Buyers who claim the credit in 2009 can not file their return electronically, because the forms are not available online.
* The average wait for a refund is 3-4 months.
* The home CAN be purchased from a close relative i.e. parent, spouse, child, etc
* A buyer who earns no taxable income or does not owe any federal income tax can still qualify for the credit and file a return just to claim it.

If you’ve been thinking about buying a home, there’s never been a better time. Prices are down, mortgage rates are at all-time lows, there’s tax rebates for doing so, and sellers are motivated.

Please call or email us if you have questions about the homebuying process. We have years of experience in the Athens, GA real estate market, and we’re knowledgeable about more than the “sticks and bricks” of a house … we can help you with determining your tax benefits from purchase, obtaining financing, scheduling inspections, picking an attorney to close your deal and more!

To obtain a list of homes matching your search criteria, please visit us online at www.AthensAreaHomeBuyer.com for more information.

Tagged: homebuyer tax credit athens ga, atlas real estate advisors