Real Estate Stimulus First Time Home Buyer Tax Credit

A first time homebuyer tax credit is available in the amount of $8,000. We here at Power Site Plus are excited about this real estate stimulus effort. Just know there will be no future extensions so the federal government is urging all qualified homebuyers to take action and put a written, binding contract in place. This is for individuals who have not owned a home in the last three years. The deadline is April 30, 2010 and closing is expected to take place before June 30, 2010.
There are income limits for this plan. Income limits at this stage are $125,000 for single persons, $225,000 for married couples this also includes a $20,000 phase out of the credit for both. Also included in this opportunity are homeowners who have lived in a current home for at least five consecutive years of the last 8 years. These individuals can receive up to a $6,500 tax credit. The hope is that this substantial tax credit of $8,000 will help enhance movement in the real estate market and help would be home owners into a new home in our current economy.
To take advantage of this opportunity, contact your tax professional or the professionals at Coldwell Banker.com. Approximately 2 million people have already taken advantage of the opportunity that the tax credit provides in 2009. According to The National Association of Realtors News Release, dated 11/5/09, already added to the general economy resulting from the real estate stimulus bill is an estimated $22 billion.