Homebuyer Tax Credits

In March of 2009, President Obama signed a law adding a new tax credit for certain repeat homebuyers of up to $6,500. Together with the existing first-time homebuyer’s tax credit of $8,000; the stimulus package of $11 billion was intended to boost housing sales. Credits were available to taxpayers who used the home as a principal residence for the following three consecutive years. To avail of these tax credits, the buyer is required to have the contract completed before May 1, 2010 and to close the transaction before July 1, 2010. One of the criteria for repeat home buyers is that he/she should have lived in one residence consecutively for five years of the preceding eight. The new law incorporated anti-abuse measures intended to stem fraud that had become endemic with the existing homebuyer tax credit. The definition of principal residence included a co-op apartment, condominium, attached or semi-attached townhouse; even a boat, motor home or trailer, provided it had eating, sleeping and toilet conveniences.

Dale Warfel knows Federal and State tax credits

Many homebuyers have bought homes in San Jose neighborhoods through the services of Dale Warfel a real estate agent who has worked the area for the last 13 years. Dale Warfel is both Real Estate Consultant and a Certified Short Sale Professional who specializes in the California Bay Area from where he hails. He also deals in foreclosed properties some of which are listed on his website www.dalewarfel.com. Dale Warfel is familiar with federal and state tax credits available to first-time or repeat homebuyers.