$6500 Tax credit Offer
Tax credit helps the people a lot in many ways and especially for the homebuyers. For the first-time homebuyers, or those who have not owned in the last three years, can receive up to an $8,000 tax credit. This is really a great sigh of relief for many.
The federal income tax credit for homebuyers has undergone a change now and they have included the homeowners now who wish to “move on” after 5 years of their living in the property. This also includes the first time buyers. According to The National Association of Realtors News Release, dated 11/5/09 a huge amount of $22 billion has been estimated to be added to the general economy. They have also told that approximately 2 million people will be benefited.
* First-time homebuyers, or those who have not owned in the last two years, can get up to an $8,000 tax credit
* Homeowners who have lived in a current home consecutively for 5 of the past 8 years can get 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.