Small Town News

Theres still time to get $8,000 tax credit

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The average home purchase takes approximately 45 to 60 days to close. With that in mind, local consumers hoping to own their first home and take advantage of the federal government's $8,000 tax credit must act quickly, since the unprecedented offer expires Dec. 1.

"Time is quickly running out for first-time buyers to claim this unusual and generous federal tax credit, said Tina Cordoba of Town & Country GMAC Real Estate, one of several agencies in Susanville. "What makes the $8,000 credit even more appealing is that it can also be used toward a down payment. Combined with a great selection of homes for sale and motivated sellers, now is an excellent time to move from renting to owning your own home."

Offered through the American Recovery and Reinvestment Act of 2009, the onetime $8,000 tax credit is available to first-time homebuyers who purchase a new or resale home.

"Buyers need to keep in mind that, like with the government's popular 'cash for clunkers' automobile program, this program is for a limited time only. And since it typically takes anywhere from 45 days to nearly two full months to purchase a home and complete the transaction, time is of the essence to take advantage of this opportunity," Cordoba said.

Homebuyers can claim the $8,000 on their federal income tax return or they can apply it to their down payment. And the credit is available to a wide income range: up to $75,000 for single taxpayers, and up to $150,000 for married taxpayers filing a joint return. Detailed information is available at federalhousing-taxcredit.com.

For more information on the federal tax credit program and the local housing market, contact any area Realtor or mortgage company by using the area's most complete locally produced telephone directory, Lassen-Plumas Connection. The phone book is available at The Lassen County Times, located at 100 Grand Ave, Su-sanville, CA.



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© 2010 Westwood PinePress Westwood, California. All Rights Reserved. This content, including derivations, may not be stored or distributed in any manner, disseminated, published, broadcast, rewritten or reproduced without express, written consent from DAS.

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