2010 tax credit for homebuyers
This is a Sponsored Post written by me on behalf of Coldwell Banker. All opinions are 100% mine.
I recently had a chat with a younger colleague of mine who has been house hunting for the last few weeks. He’s a first time home buyer and wants to take advantage of the 2010 Homebuyer Tax Credits that are being offered as part of stimulus package the Obama administration put into place last year. The deadline is fast approaching so my friend is scrambling to find just the right place. Apparently, as long as you have a contract by April 30th and close on the house by June 30th, it’ll qualify you for a tax credit of up to $8,000. It’s definitely a great time to buy especially with the low interest rates and the decline in home prices. According to news reports, the tax credit has successfully fueled a surge in existing home sales the last few months which is a good sign for our economy. I wasn’t aware of this but during our conversation, my colleague mentioned that there’s even a tax credit for existing homeowners seeking to “move up”. It applies to homeowners that have lived in their current home for 5 of the past 8 years and are in the process of purchasing another home. This particular tax credit can go up to $6,500 and the same deadlines apply as the first time home buyers tax credit. Income limits to qualify have increased to $125,000 for singles and $225,000 for married couples. I’ve been in my current house for approximately six years so I’d would qualify for the new tax credits except for the fact that I’m not ready to move on up to a bigger home just yet. There’s no indication that these incentives will be around next year so be sure to take advantage of them while you still can.
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