First Time Home Buyer Tax Credit

by ritz ~ March 27th, 2010. Filed under: Family, Services.

A lot of people today have been homeless, some are renters and haven’t got a taste of owning a home. It is a sad reality, and sad to know that the important need is not met, the need for shelter. That is why the federal income tax credit for home buyers has been extended and has now been expanded. It has been expanded to homeowners who wish to move on after their 5 years of living in the current property they have, and for the first-time home buyers as well.

The real estate gives hope to the economy to the country. It is 21% of the gross domestic product of the US. Every home sold gives a job over the next 12-month period and $60 thousand goes to the local economy. In turn, the real estate industry is vital to the country’s economy and vital to the recovery of the economy. So, this benefits everybody, everyone. Not only will you have a home, but gives other people a chance to elevate their status in our society by creating jobs for them and giving in more services back to the people.

Support the Housing Stimulus program. The first time home buyer tax credit is up to $8,000. Those homeowners who have lived in a current home consecutively for 5 of the past 8 years can receive up to $6,500 tax credit. Whether your status is single or married, you are eligible for this as long as you are within the income limits. $125,000 for singles, $225,000 for married. You have a limitation of $800,000 on home cost that is purchased. So long as a written binding contract to purchase is in effect on April 30,2010, you, the purchaser have until June 30th, 2010 to close it.

Help yourself have a home, and help your country to be a better place to live to.

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