Clearwater Real Estate News – Understanding the Stimulus Package

Clearwater Florida – Well the stimuus package is almost a reality with Congress reaching agreement on a $789 billion stimulus package for Americans and the President expected to sign it into law, the clock may be ticking for this year’s Clearwater home buyers and homeowners.  So what does this mean to you….

The final package contains two  benefits related to housing and effecting Clearwater Real Estate.

Clearwater Home Buyers Good News

The first provision is fairly well-known. It gives first-time home buyers in Clearwater an $8,000 tax credit provided they purchase a home between January 1, 2009 and August 31, 2009.

The good news is this is a true tax credit.

To reduce misuse and abuse, however, the $8,000 credit is contingent on home buyers holding property for at least 3 years. If the home is sold in fewer than 3 years, the tax credit must be repaid to the government. It’s also worth noting that the date range applies closings and not sales agreements.

To qualify for this if you are buying a home the closing must occur within these 8 months to be eligible.

Clearwater Home Owners that Go Green – get Green Back

A second noteworthy feature in the package is that the stimulus package gives existing those with Clearwater homes  incentive to “green” their homes. With available tax credits for energy-efficient windows and doors, furnaces and insulation, homeowners can claim larger tax deductions based on home improvement, up to $1,500.

But, just because the government provides housing-related tax benefits doesn’t mean you should just act on them blindly. Tax liability is a highly individual item and you may be ineligible for any number of reasons. Be sure to discuss your plans with a qualified accountant before committing to a plan.

Thinking of Buying or Selling a house in Clearwater Florida – We can help

If you have been thinking about buying or selling a home in the Clearwater St Petersburg Tampa area…

Contact us for a FREE quote and to find out your Tampa Mortgage options and you can search all Tampa St Petersburg and Clearwater homes for sale right now..

Call Us Today at (727) 710-8036 to hear more about how we can help you!

Copyright © 2009 Jack and Cyndee Haydon, Clearwater REALTORS and your Clearwater Real Estate Consultants specializing in Clearwater St Petersburg Tampa Real Estate and may not be copied, reproduced, distributed, transmitted, displayed or published.

Facebooktwittergoogle_plusredditpinterestlinkedinmail
View All Clearwater Florida Posts

6 Comments

  1. Clearwater is the best real estate for the home buyers. We find their different ranges to buy a home over there. So if you are in a plan to buy a home go to Clearwater real estate.

  2. It’s good to see that the stimulus has a true tax credit rather than a deferred loan but I sure wish Congress had gone for the $15,000 proposal. That could have had a much better immediate impact.

  3. The stimulus package is being heralded as one of the biggest pieces of legislation ever that relates to economic activity. It will, no doubt, have an influence on the real estate market – the question now is: how long will it take? At the present time, it seems impossible to say.

  4. I hope the package comes soon. I will be moving to Florida in the next couple of months to escape the mess in CA. Hopefully I can benefit from this new housing plan.

Leave a Reply

Your email address will not be published.