Thursday, February 18, 2010

Tax Credit for first time home buyers

For those who have not taken advantage of the First Time Home Buyer Tax Credit of $8000 time is running out. The federal income tax credit for home buyers 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.There most likely will be no future extensions so all qualified homebuyers should act and have a written, binding contract by April 30, 2010 (close by June 30, 2010).If you know of someone who can benefit from this credit please make them aware of it. Will the tax extension help?

According to a recent survey Zillow conducted through Harris Interactive, nearly one in five (18%) prospective first-time home buyers said extending the $8,000 tax credit would be the primary influence on their decision to buy a home before the end of 2010, potentially stimulating an additional 334,000 home sales. The caveat here is the survey asked first-time home buyers if they would purchase a home prior to the end of 2010; this bill will only go through April 2010, not the end of 2010 and it involves a different type of buyer, as well.

Visit and review the 2010 Homebuyer Tax Credit details.

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