2010 Homebuyers Tax Credit
This is a Sponsored Post written by me on behalf of Coldwell Banker. All opinions are 100% mine.
Are you thinking about buying a home in 2010? Did you know that the Federal Income Tax Credit for Homebuyers has been extended? Coldwell Banker has prepared a list of some things that you need to know about the 2010 Homebuyer Tax Credits.
1. For first-time homebuyers, or those who have not owned in the last three years, can receive up to an $8,000 tax credit.
2. 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 when purchasing a home.
3. There may be no future extensions, so all qualified homebuyers are urged to act and have a written, binding contract by April 30, 2010 (close by June 30, 2010.)
4. Income limits are now $125,000 for singles, $225,000 for married couples with a $20,000 phase-out of the credit for both.
5. The first-time tax credit was working, but what housing and our national economy needed was incentive for the move-up buyer. According to The 2009 National Association of Realtors® Profile of Home Buyers and Sellers, the number of first-time home buyers rose to 47 percent of all home sales from 41 percent of transactions in last year!s study, and was the highest on record dating back to 1981. The previous high was 44 percent in 1991.
If you are thinking about buying a house and trying to get this credit, do research on homebuying and the 2010 Homebuyer’s Tax Credit to answer any questions that you may have.
Thank you for this post. I was under the impression this had expired. My wife and I considering buying a new home. This might just be the extra little push we needed!
I think that it is great that the government decided to extend this tax credit offer. I wish I would of gotten something like this when we bought our house. I also think that it is great how they extended it to encourage people that have had homes for a while to move up. I know that in our neighborhood there is a lot of step up homes available.
The homebuyers tax credit is a good incentive for people to purchase a new home. Without such initiatives, those people might instead delay that purchase for a year or two. On a large scale, that could cause further problems in the housing market.