$8,000 Tax Credit For 2010 Homebuyers

10:05 PM Ritz 0 Comments

Lots of people have been homeless today, some are renters and haven't got a tast pf having their own home. A sad reality, and sad to know that the important need of our lives are not met, the need for shelter. This is why the federal income tax credit for homebuyers has been extended and expanded. It has been expanded to homeowners who wish to move on after their 5 years of living in a current property they have, and for the first-time homebuyers as well.

Let's support the Housing Stimulus program. The real estate gives hope for the country's economy. It is 21% of the gross domestic product of the US. With every home sold gives a job over the next 12-month period and $ 60 thousand goes to the local economy. In turn, the real estate industry is vital to the country's economy and vital to the recovery of the economy. So, with this Housing Stimulus, this benefits everybody, everyone. Not only will you have a home, but gives other people a chance to elevate their status in our society by creating jobs for them and giving in more services back to the people. The first-time homebuyers and those who have not owned a home in the last three years, can receive up to an $8,000 tax credit. Those homeowners who have lived in a current home consecutively for 5 of the past 8 years can receive up to $6,500 tax credit. Whether your status is single or married, you are eligible for this as long as you are within the income limits. $125,000 for singles, $225,000 for married with a $20,000 phase-out of the credit for both. You have a limitation of $800,000 on home cost that is purchased. So long as a written binding contract to purchase is in efect on April 30,2010, you, the purchaser have until June 30th, 2010 to close it.

Help yourself have a home, and help your country be a better place to live to.