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.
Thinking About A New Home? Take Advantage Of The Real Estate Bailout.
This is the perfect time to buy a new home. As part of the Real Estate Bailout, the government is offering tax credits of up to $8,000 for first time home buyers. $8,000 WOW! This something that has never been done before and probably will never be done again. You really need to take a look at this.
If you are a first time home buyer, and you sign a binding and written contract prior to April 30, 2010, you could qualify for a tax credit of up to $8,000. If you are single with income of less than $125,000 or married with income of less than $225,000 then you could qualify for this tax credit. This credit will not be renewed and it expires on April 30, 2010. You really need to take advantage of this. This is the best time in history to be in the real estate market.
Many people are reading this and thinking, I already have a home and so this doesn’t apply to me. Nothing could be farther from the truth. If you have lived in your current home for 5 of the past 8 years then it is possible that you could qualify for up to a $6,500 federal income tax credit. You won’t get a chance like this again.
There isn’t a lot of time left. You need to contact your tax professional or your local Coldwell Banker professional and take advantage of this once in a lifetime opportunity. So make the call you will be glad you did.
