Tax Credits Running Out
April 20, 2010
Homebuyers that want to get in on the tax credit provided via the recovery act only have a few short days until the tax credit will no longer be available. The tax credit is for first time homebuyers in the amount of $8,000 as well as existing homeowners in the amount of $6,500. Of course, there are stipulations to meet in order to get this tax credit, but not doing anything at all to learn if you are eligible will certainly ensure you will not receive the credit.
First time homebuyers can receive $8,000. If you are a first time homebuyer, you only have until April 30th of 2010 to be in a binding contract to qualify for the credit, which can be claimed on your 2009 return, or you can also claim the credit on your 2010 tax return. For homeowners that have lived in their home for the past five years and would like to purchase a larger home or even downsize, they can receive a tax credit of $6,500. This means you can get cash back on your tax return after you purchase a home free and clear without paying the money back.
The sad news is that many people that could take advantage of this tax credit have more than likely waited to late in order to get in on the money, unless they can sign a contract in the next two weeks.
To ensure you get in under the wire in these last two weeks you will more than likely have to steer clear of foreclosures, as you may not have the time to wait to sign a contract. Remember, the contract has to be signed no later than April 30 to qualify. The best way to ensure you can get this feat accomplished is by talking with a realtor in your area. They will be able to help you find a home and sign a contract in time to qualify for the tax credit, but only if you act quickly.
If you want, a home whether this is your first home or you are looking to upgrade or downsize why not make some free money in the process. Another $6,500 or $8,000 in your pocket could be really great for fixing up your new home, buying furniture, or taking that well deserved vacation.
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One Comment to Tax Credits Running Out
Comments
It is amazing the amount of buyers who have waited till the last minute to find a house! Now we are down to a week left and lots of people to help find a house!
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