The Charleston, South Carolina area is a great place to live or have a vacation home. The weather is great, the beaches are fantastic, golf courses are abundant, there are many historical sites, the architecture is unbelievable, the dining is unbeatable, and the people are the friendliest in the country. It is because of these reasons that I believe Charleston SC Real Estate is truly unique. I look forward to helping you with any of your real estate needs in Charleston, Berkeley, or Dorchester counties. Today’s article is titled:
HOMEBUYER TAX CREDIT SUMMARY
There are only 53 days left for home buyers to take advantage of the home buyer’s tax credit. You must have a home under contract by April 30th and close by June 30th. Below are the details of the tax credit.
1. Extend through April 30, 2010 the tax credit for first-time homebuyers (up to $8,000 or up to 10 percent of the purchase price of the residence), allowing 60 days to close, provided that the homes are under a binding contract by that date; and provide homebuyer tax credit of up to $6,500 to owners who have been in the same principal residence for five consecutive years during the previous eight years.
2. Increase the income limitations to $125,000 for individuals and $225,000 for joint filers.
3. Phase out the credit for individuals with incomes above $125,000 for individuals and $225,000 for joint filers at the same rate as current law (over the next $20,000).
3. Limit the credit to purchases of principal residences equal to or less than $800,000.
4. Eliminate the 36-month recapture requirement for military personnel, including members of the Foreign Service and intelligence community, forced to sell as a result of an official extended duty of service.
5. Extend the tax credit for one year for military personnel serving outside the United States for at least 90 days in 2009 or 2010.
As always, your thoughts, questions, or comments are greatly appreciated. Let me know if I can help with any of your Charleston SC real estate needs or questions.
To look for Charleston SC Real Estate homes anywhere in the tri-county area go to my website at http://www.carolinajoe.com/mls/
View my entire inventory of VisualTours of Charleston SC Real Estate homes at http://www.visualtour.com/inventory.asp?U=182210
Sincerely,
"Carolina Joe" Idleman
http://www.carolinajoe.com
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