This is a Sponsored Post written by me on behalf of Coldwell Banker. All opinions are 100% mine.January means the beginning of tax time again. Are you starting to get organized for your tax returns? Well one tax credit you may or may not know about is the 2010 Homebuyer Tax Credits.
Watch the video below to get an overview of this tax credit:
This tax credit was set to expire last November. But now has been extended and expanded. The new tax credit includes first time homebuyers, which is those who have not owned a house in the last 3 years. These first time homebuyers can receive up to an $8,000 tax credit.
The new tax credit has been expanded to also include homeowners who have lived in their current home consecutively for 5 of the past 8 years. If these homeowners purchase a new home they will be eligible to receive up to $6,500 tax credit.
But homeowners should act now, homeowners will need to have a written, binding contract by April 30, 2010 and must close by June 30, 2010. There may be no further extensions after this so you are urged to act quickly.
The Homebuyer Tax credit, is also a great stimulus for the economy. This tax credit will help to encourage some new homebuyers to get into the market and also current homeowners to maybe move up in their housing. This would be great for the Real Estate business, which in history has always helped the economy when it is doing well. The Real Estate business through this tax credit will help the local economy and also help to create jobs.
If you are eligible for this tax credit I encourage you to find out more information, by visiting Coldwell Banker today!