|
When do you think is the right time to buy home? Right now. Did you know that if we buy home right now and before April 30, we will get tax credits on top of other credits we normally get. First Time Home Buyer Tax Credit is credit given to purchasers of home, who have not owned or purchased home in the last 3 years. However, this credit is also extended to buyers: "Must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years". This is a great way to start saving up those dollars that we didn't think we could. It is only a matter of timing.
A few things have to be noted here; The home must be purchased before April 30th of this year and the closing date would be the 30th of June. I also want to emphasize another good thing is that for every home that is bought, it creates 1 job for the next 12 months. It is a part of the stimulus package promised by the government.
Among other things that I learned about timing this tax credit to receive more credit, the more I get wiser about money. So if I had all the other circumstances coming through towards purchasing my first home, I would definitely do it now. Real Estate business is much more flexible this time, on top of all the slashed price off of the original tag, it comes up with so much savings.The federal income tax credit for homebuyers has been extended and expanded to now include homeowners who wish to "move on" after 5 years of living in their current property, as well as first-time homebuyers.
- First-time homebuyers, or those who have not owned in the last three years, can receive up to an $8,000 tax credit
- Homeowners who have lived in a current home consecutively for 5 of the past 8 years can receive up to a $6,500 tax credit
- There may be no future extensions, so all qualified homebuyers are urged to act and have a written, binding contract by April 30, 2010 (close by June 30, 2010)
- Income limits are now $125,000 for singles, $225,000 for married couples with a $20,000 phase-out of the credit for both.
A few things have to be noted here; The home must be purchased before April 30th of this year and the closing date would be the 30th of June. I also want to emphasize another good thing is that for every home that is bought, it creates 1 job for the next 12 months. It is a part of the stimulus package promised by the government.
Post a Comment