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.
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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.
Cyndee Haydon is a Waterfront Real Estate Specialist and Broker Associate (BK3142780) with over 20 years of full-time experience in Pinellas County Gulf Beach communities. She has helped more than 450 buyers and sellers and closed over $230M in waterfront homes, beach condos, and short-term rental properties across Clearwater Beach, Belleair Beach, Indian Rocks Beach, Indian Shores, Redington Shores, North Redington Beach, Redington Beach, Madeira Beach, Treasure Island, and St. Pete Beach. Cyndee specializes in waterfront and short-term rental “going concern” sales, with more than 90 STR transactions, and brings deep experience with1031 exchanges, flood zones, insurance exposure, permitted use, and regulations that directly affect value and long-term ownership. She holds the CLHMS, RSPS, and CRS designations.