| The count down is on for the expiration of the $8,000 buyer tax credit. Buyers beware on having a written and accepted contract dated before 4/30/2010. You should be safe as far as tax purposes if you stay in the guidelines below.
A qualified written Binding contract is determined to be:
1. A contract that is enforceable under state law AND
2. A contract that dose not limit damages for breech of the contract to an amount less than 5% of the contract price AND
3. A contract in which any contingencies are beyond the reasonable control of the tax payer.
Same rules apply to buyers in a contract to purchase a short sale property. If you have any questions please call me for additional information at 231-645-2600
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