This is totally a Good News to US home buyers. You are not too late to disclose this Great News. I just love the federal income tax credit for home buyers in US.
Here is the extension of Home Buying Tax Credit details:-
Here is the extension of Home Buying Tax Credit details:-
- First-time home buyers, 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.
Do you clear with the statement above? The credit termination date is the one that I wish to highlight. You have two more months to go before you make up your decision. Either you are choosing your first house or you are getting a new house but you have not owned in the last three years, you are eligible to save on $8,000 tax credit.
For me I am more concern on the second benefit. I brought my house in Year 2001 and I am staying my house more than 5 years. It's so easy to get the $6,500 tax credit. For sure this extension will benefit most of the house owners.
What is the next step you must do to eligible for the benefits of $6,500 tax credit? Go and check where you keep your Sale and Purchase Agreement now. This is a must attachment.
Perhaps our government's financial ministry can consider about this so that I can be one of the beneficiaries to ease tax burden. $6,500 that's a lot! :P
3 comments:
Unfortunately, my home was purchased for $450,000, and is not worth $180,000 with a $350,000 mortgage after we put $100,000 cash (our life savings) as a down payment.
The government and the real estate industry have done just about as much damage as they can to our family.
"Consultants" really suckered us good. We parted with everything we had to listen.
If you have any more ideas that will help us recoup our savings or help us unload this house, we would be grateful.
We've checked with the bank. In order to unload the house, we would have to write them a check, even on a re-negotiated loan of $125,000.
Our hat is off to our government, and the real estate industry.
Thanks a lot fellas.
Joan
This is a great home buying deals. Thanks for the very reliable information.
Sounds like a fair negotiation. I think this is absolutely the greatest.
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