New IRS Tax Credit Guidelines for the Louisville Real Estate Market

February 12, 2010, marked the date for information provided by the International Revenue Service that will affect homebuyers in the Louisville real estate market. There are new guidelines for the two tax credit programs that have been created to assist in the country’s failing home owning circumstance. The credit is $6,500 for previous homeowners buying new (or resale) homes, and first-time buyers are receiving an $8,000 credit. Of course, there are qualifications that the buyer(s) must meet before they are deemed eligible for the tax credit. The new guidelines are clearing up discrepancies in the paperwork. Specifically, the documentation that buyers need to provide to receive their credits was altered to help prevent fraudulent credit claims. The abuse of the program was discovered in early 2009, and federal monitoring is now in place to stop fraudulent transactions before they are processed. All information about the tax credit, as well as the proper documentation process to receive your tax credit refund, can be located on the IRS website at www.IRS.gov. It should be noted that because of the tightened program, the process of receiving the credit would be considerably longer due to the monitoring. The IRS is estimating that checks will be sent to buyers between four and eight weeks after the paperwork has been given the “all clear.” Despite the added paperwork and time required to receive this credit, the program is still a great opportunity for first time and repeat homebuyers. If you’re looking for a home, the Louisville real estate market has something to offer everyone. Call Louisville Properties today at 502.744.9505 and get more details on property listings in the area.

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James Powell

Jim Powell has over 20 years of experience buying and selling luxury real estate in Louisville, KY and Managing over hundreds or rental properties across the city.
Jim Powell (License #191501)

Lauren Ghanavatian

Lauren Ghanavatian attended Assumption High School and the University of Louisville. Growing up in Louisville gave her a sense of the unique and diverse communities this city has to offer.

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louisvilleproperties

Louisville Properties is a full service Louisville Real Estate Company for buyers and sellers of real estate. We offer the following services
3418 Frankfort Ave #100 Louisville, KY 40207 Louisville, KY 40207
United States
Phone: 1-502-744-9504

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