2010 Homebuyer Tax Credits
March 1, 2010
It’s getting close to tax time again. I recently found out about a tax credit. For the First-time homebuyers or those who have not owned in the last three years can qualify to receive up to $8,000 tax credits. The government has extended the policy to include homebuyers who have lived consecutively in their home for five years in the past eight years and wish to move on to another property. So with this extension being advertised, realtor company also warns us that the government well by run dry. Hurry and find that binding contract (I assume this to be the Sales Agreement) by April 30, 2010 (close by June 30, 2010). I worked in the mortgage industry last year as a loan processor. We experience a wonderful spike in the number of loans of qualified buyers. There was a rush to get in before the dead line. It has help the home buyers and the industries of mortgage offices and realtors alike.
Who can qualify? Income limits are now $125,000 for singles, $225,000 for married couples with a $20,000 phase-out of the credit for both.
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THIS POST IS SPONSOR BY COLDWELLBANKER.
Note: This is intended to provide an overview only – for specific information or individual concerns, please contact your lawyer, accountant and/or financial advisor.