Remember Tax Incentives when buying a Home in Sedona AZ
Sedona Homes continuing to be selling quite well since the prices have dropped. When buying, remember that you may qualify for a Tax Credit. Up first is the popular $8,000 tax credit for first-time home buyers. Originally scheduled to expire on November 30th, 2009, this valuable tax credit of up to 10% of the purchase price or up to $8,000 was extended into 2010 (purchase agreements must be signed by April 30, 2010, and closings must be final by June 30, 2010). The new program was also expanded to include a tax credit of up to $6,500 (or up to 10% of the purchase price) for qualified buyers of a second or "replacement" home under the same deadlines. To qualify, home purchasers must have owned and occupied a primary residence for five consecutive years during the last eight years. Most importantly, the new program significantly increases previous income requirements.
There are other important guidelines to meet in order to qualify, so be sure to discuss your situation with a tax professional. And don't forget, you can still buy a home before April 30th and qualify – even you've already filed your 2009 taxes. For all your buying and selling needs, I can be reached at 928-301-0669, or at barbara@barbarabaker.com, or the web at www.barbarabaker.com, on facebook at barbara hooyman baker