Yes I can tell you I never thought I would see the day that my old Uncle Sam would give me a Home Buyer Tax Credit? I mean getting a tax credit to do something that I want to do anyway. Who would have thought? The thing is you know this is not going to last forever. The Home Buyer Tax Credit will expire on April 30, 2010 and is not expected to be extended.
In order to qualify for this credit, you have to be a single person with income of less than $125,000 or a married couple with combined income of less than $225,000. You also have to have a written, binding contract that is signed before April 30, 2010. The closing on the property must be before June 30, 2010.If you are a first time home buyer you get a Home Buyer Tax Credit of up to $8,000. I mean how much easier does it get?
It gets even better! You can qualify even if you already own a home. If you have lived in your current home for 5 of the past 8 years then you could qualify for this “move up” tax credit. Whoa, Nellie! That means you can get a tax credit for buying your dream home!
Other restrictions apply, so get moving. Contact your tax professional or one of the professionals at Coldwell Banker. Hurry before it is too late!
Did you ever think you would receive a Home Buyer Tax Credit?
Published On 26 Jan 2010 By admin. Under: news, Uncategorized. Tags: Coldwell Banker, Home Buyer Tax Credit
* Earnings boundaries for admissible home purchasers were increased to a selection of $75,000 to $125,000 and a range of $150,000 to $225,000 for couples. Extra details : * tax allowances grant a dollar-for-dollar payment of taxes owed with any surplus funds available as a refund.