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Homebuyers

I have done some research on the subject of tax credits for homebuyers. A great way to pass the time. There seems to be a lot going on at the moment. It makes it worth to invest some time in this subject. The pay-off could be interesting, for both home-owners and first-time homebuyers. If you click on the link below, you’ll get an instant overview of what’s happening today:

2010 Homebuyer Tax Credits

This is also a great place to start a new home search.

The first-time tax credit was working, but what housing and our national economy needed was incentive for the move-up buyer. According to The 2009 National Association of Realtors® Profile of Home Buyers and Sellers, the number of first-time home buyers rose to 47 percent of all home sales from 41 percent of transactions in last year’s study, and was the highest on record dating back to 1981. The previous high was 44 percent in 1991.

If you’re a home owner.

If you own a home and want to move-up after consecutively living for a 5 to 8 year period in the same home, you are eligible for a tax credit when purchasing a home. You can receive up to a $6,500 tax credit.

If you’re a first-time homebuyer.

Actually if you haven’t owned a home in the last three years, you’re considered a first-time homebuyer. So the item below is for you as well.

First-time homebuyers can receive up to a $8,000 tax credit.

Some things to work with

• There may be no future extensions, so all qualified homebuyers should have a written, binding contract by April 30, 2010 (close by June 30, 2010)
• Income limits:
  • Singles: $125,000
  • Married couples: $ 225,000, with a $20,000 phase-out of the credit for both.

  

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