What Could You Do With A $8,000 Tax Credit?
Think about it, getting a federal income tax credit for doing something you already want to do. If you are a first time home buyer then you could qualify for that tax credit. The federal government is offering tax credits to first time home buyers. This is a tax credit that will not last forever. In fact the tax credit will expire in April 30, 2010.
This is a tax credit that is available to single persons with income of less than $125,000 or married couples with income of less than $225,000. You also have to have a contract signed prior to April 30, 2010. This has to be a written and binding contract. The closing has to be prior to June 30, 2010. I know this is hard to believe but it is true. This has never been offered in the history of this country.
Right now those of you who already own a home are probably feeling left out. This is a mistaken feeling. You can qualify for up to a $6,500 income tax credit. If you have lived in your current home for 5 of the past 8 years then you could qualify for this “move up” tax credit. If you are waiting to “move up” to your dream home now is the time to act.
There are other restrictions so you need to seek professional advice. Contact your tax professional and one of the professional at Coldwell Banker. This is an opportunity that is too good to pass up.
$8,000 Tax Credit
