2009 saw the extension of the First Time Homebuyers Tax Credit Program in Portland and the rest of the country – the deadline has now been pushed back to April 30, 2010. This leaves just enough time for smart home buyers to act fast and purchase a property in this thriving city, taking advantage of a one in a lifetime opportunity for an $8,000 tax credit.
The extension also sees two significant modifications – the first is the gross income limit, which has been raised from $75,000 to $125,000 for individuals and $150,000 to $250,000 for couples. Current owners who can claim that they have been a long time resident of their property can also take advantage of the First Time Home Buyer Tax Credit. Portland homeowners that have lived in their residence for 5 consecutive years can also buy a replacement home and receive a $6,500 tax credit. However, it is good to know that homes that are over $800,000 are not eligible for the credit. And if you are interested in flipping houses in Portland, Oregon you will face some limitations.
Take Advantage of First Time Home Buyer Incentives in the Portland Area
Change Realty LLC is the leading real estate firm in Portland that can help you understand what the Home Buyer Tax Credit means and how you can use it to your advantage. Renowned for the 1% listing fee in Portland program that is offered to sellers, the firm’s overall goal is to maximize the potential of every investment for their clients.
To learn more about the First Time Home Buyer Tax Credit in Portland, contact Change Realty LLC today.
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