Saturday, April 3, 2010

Home Buying Tax Credit

It is the business of property consisting of houses and land; the world very well known it as Real Estate. Yeah! Everyone has a dream in his mind and heart about his/her own real estate. 

Yes! Everyone has a dream to have their own real estate and off course all of them run behind it to fulfill their dreams. But it is not possible everyone to explore their dreams in reality due to money matters and sort of tax difficulties.

Well, here I am not exploring the tax difficulties in front of you. In fact, I am trying to give you something here. I am sure, it worths you.  Yeah! All you are absolutely right. 

If your dreams were not fulfilled from last three years and you are the first-time homebuyers then you can received up to an $8,000 tax credit. Yeah! It happens because the federal income tax credit for homebuyers has been extended and expanded to now include homeowners who wish to "move on" after 5 years of living in their current property, as well as first-time homebuyers.

Homeowners who have lived in a current home consecutively for 5 of the past 8 years can receive up to a $6,500 home buying tax credit 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). Income limits are now $125,000 for singles, $225,000 for married couples with a $20,000 phase-out of the credit for both.

What a great deal here is! Now you just do one thing here is just review the 2010 Homebuyer Tax Credit details.