BUYERS, TIME TO GET A TAX CREDIT IS RUNNING OUT

By Keith Strawn

Lowcountry Real Estate

We don't want to throw anyone into a panic, but the clock is running on your opportunity to capitalize on the governments two tax credits. If you are a first-time home buyer, you are eligible for a $8000, dollar for dollar, tax credit, if you close on a home before July 1, 2010. Some people are unaware, though, that existing home owners, who have lived in their home at least five years , are eligible for a $6500 tax credit of their own. . Although buyers have through July 1, 2010 to close, the home must be under contract by April 3, 2010. That's not far away.

So what's the big deal about $8000 when purchasing a $200,000 or $300,000 home? Plenty. This credit may be able to be used for appliances, or closing costs. And a tax credit means that if you owe the IRS $8000 on your 2009 taxes, the $8000 tax credit will mean you owe nothing. If you owe less than $8000, the $8000 tax credit may mean you get a check back from the IRS. If you are already getting a rebate from the IRS, you will get an additional $8000 on top of that. So this is a big deal. More more information, visit the National Association of Realtors website, at www.realtors.org.

For more details, you can also feel free to call Keith at 843.263.6886, or email to kstrawn@lowcountryrealestate.com.