Many Buyers have stepped into home ownership with a little incentive from the US government in the past couple of years. Some who jumped in first received a tax refund of up to $7500. that had certain payback notifications attached to it.
If you received the “first time” home buyer credit of up to $8000. or if you received the home buyer credit offered later I want to make you aware that, in certain instances, you may be required to repay that money.
According to the New Hampshire Association of REALTORS, “Any transactions in the next few years which involve property purchased with the aid of the tax credit could result in a significant unexpected tax bill to the sellers.”
Apparently, the government is expecting people who received this windfall to stay in the homes they purchased for at least three years. So, in order to avoid an unpleasant or costly situation, be sure to check with an attorney or a tax professional for advice prior to listing your home for sale.
Now that the tax credit has ended, please be advised that prices on homes are holding steady here in NH and interest rates are still low so it is a great time to think about moving up to something bigger or downsizing to a home that will allow you more freedom to do those things you’ve been adding to your “Bucket List”.
Please give me a call, drop me and email or text my cell if you are in need of the services of a Real Estate Professional.
Thank you and have a great day.
Judy Tuscano, REALTOR
Your NH Real Estate Professional
Prudential Verani Realty
603-498-2263 Cell Phone
603-693-0919 Office Direct