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Tuesday, February 16, 2010

Extended Stimulus: $6,500 Tax Credit

This is cool information to have if you are looking into or are in the process of moving and I know I’ve been reading blogs that tell of people moving. The US government’s tax credit for first-time homebuyers that was scheduled to expire in November 2009 has been extended!

In the extension, the 2010 Tax Buyer Credits, which go until April 30, 2010, with a closing by June 30, 2010, first-time homebuyers are eligible for an $8,000 credit. First-time homebuyers are defined as anyone who has not owned a home in the past three years. But there’s more, more of us included in the tax credits! If you are a current homeowner, you may qualify for a $6,500 Tax Credit. To qualify for the “move-up” credit, you must have lived in your home for five of the past 8 years.

The income limitation to be eligible for the credit is $125,000 a year for an individual and $225,000 annually for a family. The new home you’re purchasing must be valued below $800,000. It’s a pretty large sphere of eligibility.

According to information I read at the Coldwell Banker site, buying a new home not only helps in creating new jobs or at least creating some job security for people, but one new home purchase adds up to $60,000 to the local economy. Just in case buying a new home and the tax credit isn’t enough to make you feel good!

So, if you’re moving into a new home soon or thinking about making a switch, click that link above and check it out! A little credit never hurts!

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