Friday, February 05, 2010

Real Estate Simulus: Whether you move or stay!

Did you know that there are tax credits available that equate to a personal Real Estate Stimulus package? If you are a first time home buyer, you can receive up to a $8,000 tax credit if a contract on your desired home is inked before April 30th of this year and close by June 30, 2010. The better news is that you are considered a first time home buyer if you have not owned a home in the past three years. So, if you sold your home due to relocation and rented for several years to assess what side of town you want to settle on, this is for you.

If you are not planning to move, there is something in it for you too. If you have lived in your home for the past five out of eight years, you may qualify for up to a $6,500 tax credit. The five years must be consecutive. Income limits are $125,000 for singles, and $225,000 for married couples.

If you qualify for any of these credits, please pay attention and remember to apply for them when completing your tax returns. If you are currently house hunting and have the means to purchase now, it may be a good idea to turn up the heat and narrow down your choices by the end of April. The credits will not be extended.

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