Have you heard of the Home Buyer’s Tax Credit? Brent and I haven’t bought a home yet and not saying this is the reason to buy one – always research EVERYTHING before buying a home. In my eyes you want to do this because this is a huge step in your life. Brent and I haven’t bought yet because we aren’t positive on where we would like to live and if you are reading this blog you understand that we are a very nomadic family! But there is also so much information out there in regards to going about Buying First Home that it can get very overwhelming. Let me give you some information about the 2010 Home Buyer’s Tax Credit and a little video with some information also.

information taken from coldwellbanker.com

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.

According to The National Association of Realtors News Release, dated 11/5/09, an estimated $22 billion has already been added to the general economy resulting from the bill and approximately 2 million people will utilize the tax credit in 2009.

I cannot see how this is a bad deal getting up to an $8000 tax credit when doing your taxes this year. If we had bought a home this year this tax credit possibly would have been a great help considering. (Aren’t all tax credits a help, ha!?) Again, like I said Brent and I haven’t bought a home this year, nor would this be the general reason we buy one, BUT a tax credit like this would have an impact on our decision in a good way. Definitely worth checking out and learning more about.

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