2010 Homebuyers Tax Credit

This is a Sponsored Post written by me on behalf of Coldwell Banker. All opinions are 100% mine.

I have been in the Real Estate industry since 2002… so that make me experienced, right? Well, believe me when I tell you that your time for 2010 Homebuyer Tax Credits is soon to expire!

I started working for a title company when the sub-prime lending market was thrashing with people with 500+ credit scores receiving 100% financing on mortgages. Which lead to recession and a time where people were in need of help. Prior to the 2010 Homebuyers Tax credit, the credit was available but the key factor was it had to been paid back if you claim it on your taxes. Since the economy took a turn for the worst, the government implemented guidelines for the Homebuyers Tax Credit where the money was yours to keep on certain guidelines such as, if you were a first time home buyer and if you were selling your home.

Just this week a friend of mine was able to beat the deadline and take advantage of the 8,000 new home buyer’s tax credit. He was able to claim it on his 2009 taxes even though he close in 2010. Isn’t that amazing!  This credit is cash money, no gimmicks!

You have to the end of this month, April 30, 2010 to have a written binding agreement on your soon to be new home.  Here are the details you may need to know:

• For 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 when purchasing a home.
• 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.

Remember you still have time! Enter into the contract that you are looking for by April 30, 2010 and close by June 30.210 and your taxes can be amended and you can recieve the money this year!