Tuesday, February 2, 2010

Real Estate Tax Benefit

The government is extending their help to people who wants to own a home. The government is giving a Real Estate Tax Benefit for first-time home buyers, or those who have not owned in the last three years. A new home owner can receive up to an $8,000 tax credit. The 2010 Homebuyer Tax Credits will also benefit those homeowners who have lived in a current home consecutively for 5 of the past 8 years if they will purchase a new home. They can receive up to a $6,500 tax credit. In order to be eligible for this government's help, the income limits for single individuals are now $125,000 while for married couples it is,$225,000 with a $20,000 phase-out of the credit for both.

If you want to avail the 2010 Homebuyer Tax Credits, you should have a written binding contract to purchase a home on April 30, 2010. The purchaser will have to close the deal on or before June 30, 2010. There may be no extension for this help so homebuyers should act now and take advantage of this great offer.

I know that buying a new home is a decision that needs a lot of time to think about. Nonetheless you have to consider the time frame on which you can avail the Tax Credits. If you need more help about this, you can visit Coldwell Banker or contact them for all your real estate needs. They have realtors that will readily assist you in all your questions about the 2010 Homebuyer Tax Credits and they also have a very good home selections.

Take time to watch the video below. This video is very informative.

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