2010 Homebuyer Tax Credits
This is a Sponsored Post written by me on behalf of Coldwell Banker. All opinions are 100% mine.
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. The tax credit ends soon though. You must have a written contract by April 30, 2010 and close by June 30, 2010 to receive the credit.
It is a buyers market right now. People everywhere are trying to sell their houses. Many are trying to sell quick before they are foreclosed on. This brings prices way down. Add to that the ever growing list of foreclosures and there are some great deals on houses right now! I have already said before that if you have the money to buy now is the time to buy. Now with the 2010 Homebuyer Tax Credits there is even more incentive.
The 1st time homebuyers credit is for people that have not owned any part of a residence for 3 years prior. They will receive $8,000 ($4,000) married filing separate). The Current Qualifying Homeowners credit is for people that have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years. They will receive $6,500 ($3,250 married filing separate).
So what are the qualifications?
- The home must be under $800,000.
- Income - $125,000 for Single, $225,000 if Married (with a $20,000 phase-out of the credit for both). Out
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