This is a Sponsored Post written by me on behalf of Coldwell Banker.
All opinions are 100% mine.
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Speaking of new homes, did you know about all the 2010 Homebuyer Tax Credits available? If you qualify, now is the time to buy real estate!
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.
I know several of my friends and family members that are taking advantage of these new homebuyer tax credits. In fact, my brother is holding off proposing to his girlfriend and getting married to buy a house first, since his fiance-to-be qualifies for the 2010 tax credit! Actually they are building a brand new home in Kansas City that I can’t wait to see when it’s done! I guess love does have boundaries when it comes to taxes!
I know my brand new house is only three years old, but now that I know all the things I would do differently, I would love to build a new house again! But unfortunately I don’t qualify for the tax credit since it’s only been three years and not five. I wonder if they’ll extend the offer next year and/or the year after? Maybe. I hope so.