2010 Homebuyer Tax Credits
Sunday, July 4, 2010 0:48Are you a first-time home-buyers or have not owned a home in the last three years? This is a good news to you then because the First-time Home Buyers Tax Credit was just extended to April 30, 2010 from November 30, 2009 by the Congress and signed into law by President Obama. This means that all contracts must be written and signed or on before April 30 and all property must be closed on or before June 30 of 2010. The benefits of this law includes raising the income caps to $125,000 for Individual and $225,000 to Family. First-time homebuyers can receive up to $8,000 tax credit and those who have lived in a current home consecutive for 5 years of the past 8 years can receive up to $6,500 tax credit.
Those who failed to signed the contract last November 30 can still have until April 30, but take note the there might no more future extensions. The April 30 extension should be already be grabbed by the qualified homebuyers.
By taking advantage of this law, homebuyers can have extra money for their other need. Hmmm… If I can save money for that tax credit, I can buy a new camera and a new lappy for myself and more! Aside from individual advantage, the economy as a whole will also benefit because for every single house purchased, one year sure employment awaits for one American.
This is an awesome Real Estate Tax Benefit, right? If you are not convinced then I strongly suggest that you watch the video below or head to www.coldwellbanker.com. The site has a good documentation of this law. You may also want to speak or contact a local Coldwell Banker agent to assist you with any question you may have. �That’s about 2010 Homebuyer Tax Credits.
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