2010 Real Estate Tax Benefit for First Time Homebuyers

If you are a home buyer who has not purchased a new home in the last three years, you might be eligible for a Real Estate Tax Benefit .

First time home buyers as well as those who have not owned a home in the last three years are eligible for up to $8,000 in tax credits.

Homeowners who have lived in their current home consecutively for 5 of the last 8 years can receive up to a $6,500 tax credit.

There are to be no extensions so it is wise to act quickly to make sure your contract is signed by April 30th 2010 in order to qualify. Also, income limits are now $125,000 per year for those filing as single and $225,000 for married filing couples. There is a $20,000 phase out of the credit for both types.

Proximately $22 billion has already been added to the general economy as a result of this bill and around 2 million people are expected to take advantage of this real estate tax credit this year.

For more information on this wonderful opportunity, please refer to the following video:

This extension of this bill has made it much more accessible to the general public. Please make sure to read over all of the information available to make sure you quality. It’s great for the real estate industry and the economy as a whole.

This entry was posted on Monday, February 8th, 2010 at 8:02 pm and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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