March 25th, 2010 by admin

A first time home buyer tax credit is available in the amount of $8,000. Your Site Sample is excited about this news. This real estate stimulus effort could help you have your own site, your new home! There are things to be aware of like the income limits for this plan. Income limits at this stage are $125,000 for single persons, $225,000 for married couples this also includes a $20,000 phase out of the credit for both.
According to The National Association of Realtors News Release, dated 11/5/09, already added to the general economy resulting from the real estate stimulus bill is an estimated $22 billion. Approximately 2 million people have already taken advantage of the opportunity that the tax credit provides in 2009. To take advantage of this opportunity, contact your tax professional or the professionals at Coldwell Banker.com.
The deadline is April 30, 2010 and closing is expected to take place before June 30, 2010. There will be no future extensions so the federal government is urging all qualified homebuyers to take action and put a written, binding contract in place. This is for individuals who have not owned a home in the last three years. Also included in this opportunity are homeowners who have lived in a current home for at least five consecutive years of the last 8 years. These individuals can receive up to a $6,500 tax credit. The hope is that this home buyer tax credit plan will help pump life into the real estate market and help would be home owners into a new home.

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