Are you a homeowner who wish to “move on” after 5 years of living in your current property? Are you a first-time home buyer? If so, it is imperative that you take advantage of the federal income tax credit for home buyers.
The program has been extended and expanded for first-time home buyer and other current qualifying homeowners. So, act now to secure tax credit to which you are entitled.
To qualify for the $8,000 home buyer tax credit:
- You must be a first-time home buyers who purchased a home after January 1, 2009 and before April 1 2010 (with closing to take place before July 1 2010).
- The home purchase date must be the date when the actual closing occurs. Also, date must be the date when the title to the property transfers to the home owner.
Also, you can receive up to an $8,000 tax credit if you have not owned in the last three years. 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
Also, 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). Moreover, income limits are now $125,000 for singles, $225,000 for married couples with a $20,000 phase-out of the credit for both.
For more information about the the 2010 Homebuyer Tax Credit details, click on the $6,500 Tax Credit link.
Note: This Weblog is intended to provide information only. For specific tax and/or information, please contact your lawyer, CPA, accountant and/or financial advisor.
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Disclosure: This Weblog entry is sponsored by ColdwellBanker.com