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In order to breathe some much-needed life into the hard-hit real estate market, the US government is distributing a Real Estate Stimulus in the form of home buyer tax credits to first time home buyers as well as home owners that want a new place.
For first-time home buyers, which includes those who have not owned a home in the last 3 years, they can receive up to an $8,000 tax credit. However, for home owners who have lived in their current home consecutively for 5 of the past 8 years, they can receive up to a $6,500 tax credit. From what I’ve read, all qualified home buyers need to have a written, binding contract by April 30, 2010 (close by June 30, 2010) in order to receive the tax credits so you guys better get cracking, haha!! Also, the income limits are now $125,000 for singles, $225,000 for married couples with a $20,000 phase-out of the credit for both.
To see whether or not you qualify for the tax credits as well as for more information regarding the tax credits for 2010, please feel free to click the link at the top of this post. If I had the means to buy my first home, I’d definitely be taking advantage of these tax credits!
TheAndySan
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