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January 26, 2010

2010 Homebuyer Tax Credits

The federal income tax credit for home buyers has been extended and expanded to now include homeowners who wish to "move on" after 5 years of living in their current property, as well as first-time home buyers.

* First-time home buyers, or those who have not owned in the last three years, can receive up to an $8,000 tax credit
* 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
* There may be no future extensions, so all qualified home buyers are urged to act and have a written, binding contract by April 30, 2010 (close by June 30, 2010)
* Income limits are now $125,000 for singles, $225,000 for married couples with a $20,000 phase-out of the credit for both.

My husband and I took advantage of this first-time home buyer credit when we bought our home last June. It was a fixer upper, so this extra money went right back into our home. We probably couldn't have done all the repairs that we did if we didn't have this credit. I think it's a great program, and definitely boosts the economy and home sales!

For more information visit this site: Home Buying Tax Credit

Disclaimer: I was compensated for this post, but all of the opinions stated are my own!

1 comment:

  1. I've owned this house for 9 years and have lived in this same house for 36 years... would I qualify for this???


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