The 2010 Home Buyer Tax credits can give you up to an $8,000 tax credit. This is for first-time homebuyers, or those who have not owned a home in the last three years! This Real Estate Stimulus was extended recently until April 30th, 2010. All contracts must be in by April 30th, 2010.
The income caps have also been raised. The income cap for an individual is now $125,000 and the income cap for a family is $225,000! Like I mentioned previously…you can not have owned a home in the last three years and all closings must be completed by June 30th, 2010.
The first time home owners tax credit has also been extended to move up buyers. Move up buyers are buyers that have lived in their principle residence for a minimum of 5 years and purchase a new home under $800,000.
The credits are $8,000 ($4,000) married filing separate) for the first time buyer and $6,500 ($3,250 married filing separate)for the move up buyer! Sounds like a pretty nice chunk of change!
This extension and expansion of the new home buyers credit is really important for our struggling economy right now. Did you know that real estate is 21% of the gross domestic product in America? I also learned that every time a home is sold in our country it creates one new job for a 12 month period! Also, every time a home is sold, about $60,000 goes back into the local economy.
The affordability value of purchasing a home is the best it has been since 1970! I can not wait until we can buy a home and quit throwing money away on renting!
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