Real Estate Tax Benefit Relief

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The federal income tax credit has been extended and expanded to now include first time homeowners. Those who wish to “move on” after 5 years of living in their current property, as well as first-time homebuyers are avidly buying tax credit.

Approximately 2 million people have taken advantage of the real estate tax benefit that buying tax credit provides in 2009. According to The National Association of Realtors News Release, dated 11/5/09, already added to the general economy resulting from the bill is an estimated $22 billion.

There are income limits for this plan.  Income limits at this juncture are $125,000 for single persons, $225,000 for married couples this also includes a $20,000 phase out of the credit for both.  The expectation is that this significant $8,000 tax benefit will help stimulate some activity in the real estate sector and assist would be home owners into a new home with relative ease.  Please note that there are income limits for this plan.

Available for any first time homebuyers, even web hosts like us here at Cajunfires.com, is an $8,000 tax credit.  This is for those who have not owned a home in the last three years.  There will be no more extensions available so the federal government is suggesting all qualified homebuyers should act now and have a written, binding contract ready to go.  The deadline for this real estate tax credit is April 30, 2010 and closing is expected to take place before June 30, 2010.

Homeowners who have lived in their present home for at least five consecutive years of the last 8 years are also included in this opportunity. These specific individuals can get up to a $6,500 tax credit.

To take advantage of this opportunity, contact your tax professional or the professionals at Coldwell Banker.com.

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