As of today Congress has made no mention of proposing another extension of these homebuyer tax credits. In fact, many decision makers in Washington believe that the tax credits have been available long enough to produce the maximum results possible. They also feel it’s time to redirect these tax dollars toward other programs that could stimulate the economy and help with unemployment. Many of the current tax credit bills involve offering tax incentive dollars for the creation of new jobs.
The Homebuyer’s Tax Credits are due to expire on April 30, 2010. If you haves friends, family members, neighbors or colleagues who are not aware of these tax credits, this could be their last chance to take advantage of this unique opportunity.
Yes there is still time to get a home under contract by the April 30, 2010 deadline and then close on it by June 30, 2010.
Anyone who is currently renting needs to take a serious look at why they should continue to rent when they could home a home for the same monthly amount and have money left in their pocket after closing due to the $8,000 tax credit!
It’s hard to believe how casual folks are about $8,000 that the Federal Government is offering them that they do not have to repay! It’s as if $8,000 is not a big deal.
Well, according to Career Builder Inc., there are 68 professions that pay an average of $30,000 to $34,000 per year. Some of the professions included: Life Support Technician; Shipping Clerk; Fire Fighter First Responder; Auto Salvage Worker; Bus Driver; Construction Worker; Court Clerk; Physical Therapy Aide; IT Technician; Grocery Store Department Manager; School Secretary; Medical Receptionist; Veterinary Technician….
$8,000 is a big deal! For people who work in the above professions, they have to work about 3 months to earn $8,000!
Don’t let this opportunity slip away. Make sure all the people in your life know that they still have time to take advantage of the only homebuyer tax credits ever offered.
Here are the details of both tax credits:
$8,000 First Time Homebuyer Tax Credit
- Extended until April 30, 2010 on Nov. 7, 2009
- First Time Homebuyers (eligible if you have not owned a home in 3 years)
$6,500 Move up Homebuyer Tax Credit
- Created Nov. 7, 2009. Good until April 30, 2010
- Homebuyers who either own or have owned a home that they lived in as their Primary Residence for 5 consecutive years of the last 8 years.
$8,000 or $6,500
- The following guidelines are for both Tax Credits:
- Final Sales Contract dated between 11-7-09 & 4-30-10
- Closing between November 7, 2009 and June 30, 2010
- Individual buyers – Income of no more than $125,000
- Buyers filing jointly – Income of no more than $225,000
- Max. credit amount or 10% of the Sales Price of Home
- U.S. citizens who file taxes with the IRS
- The home can not be acquired from a related person
Post a comment if you have either received the tax credit or you know someone who has received it (or will in the future).