For first-time homebuyers, or those who have not owned in the last three years, can receive up to an $8,000 tax credit.
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.
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.
- 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
- Income limits are now $125,000 for singles, $225,000 for married couples with a $20,000 phase-out of the credit for both.
Visit Coldwell Banker to find out more about your First Time Home Buyer Tax Credit.