Thursday, February 11, 2010

$8,000 Tax Credit

Are you thinking of buying a home this year but you are not exactly sure about it. Well their is a few things you should now! Did you know first-time homebuyers, or those who have not owned in the last three years, can receive up to an $8,000 tax credit? That is a big bonus to add you your income tax return. How awesome is that! Now buying a home doesn't seem so scary now that you know you will actually be getting money back. Thia is money you could spend on your home increasing its worth. Sound like a win situation if you ask me!

The federal income tax credit for homebuyers has been extended and expanded to now include homeowners who wish to "move on" after 5 years of living in their current property, as well as first-time homebuyers.
  • First-time homebuyers, or those who have not owned in the last three years, can receive up to an $8,000 tax credit
  • Homeowners who have lived in a current home consecutively for 5 of the past 8 years can receive up to a $6,500 tax credit
  • There may be no future extensions, so all qualified homebuyers are urged to act and have a written, binding contract by April 30, 2010 (close by June 30, 2010)
  • Income limits are now $125,000 for singles, $225,000 for married couples with a $20,000 phase-out of the credit for both.
If you have purchased a home you should look into the 2010 Homebuyer Tax Credits to see if you qualify to receive money back. If you are thinking about buying a home this year but keep putting it off then don't put it off any longer because this opportunity may not be open to you next year. $8,000 can go a long way.

View a video about 2010 Homebuyer Tax Credits here for more information.

0 comments:

Post a Comment