RSS$6,500 Tax Credit
19 Feb 2010 No Comments
in Sponsored Tags: ppp, tax credits, taxes
If you are looking to buy a new home, time is of the essence. There has been an extension and expansion on the federal income tax credit for homebuyers. Since there may not be future extensions, it is important to act now. Biding contracts are urged to be written up by April 30, 2010 with a closing date of June 30, 2010. The new income limits are now $125,000 for singles and $225,000 for married couples with a $20,000 phase out credit for both.
For those who are looking to buy for the first time or have not owned a home within the last three years can receive a tax credit up to $8,000 while homeowners who have lived 5 consecutive years in a home within the past 8 years may receive up to a $6,500 Tax Credit
As of 2009, the tax credit has added roughly $22 billion to the general economy. The National Association of Realtors News Release approximated that 2 million people have already utilized the tax credit.
It can never hurt to explore your options. This is an opportunity to both help yourself as well as boost the economy. Don’t miss out on a option that is not likely to come back around in the near future.
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