This is a Sponsored Post written by me on behalf of Coldwell Banker. All opinions are 100% mine.
If you are a first time homebuyer like me then you would definitely want to check out
2010 Homebuyer Tax Credits to get some interesting information on Tax credits from Coldwell Banker. I was looking for some exciting deals on purchasing a home in Houston and came across the video that brought me to this interesting fact for first-time homebuyers, or those who have not owned in the last three years, who can now receive up to an $8,000 tax credit.
I did my research on this topic and even tried starting a new Home Search on the site and found a wealth of information on saving tax. Some important facts that are revealed are that 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 when purchasing a home. 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. The first-time tax credit was working, but what housing and our national economy needed was incentive for the move-up buyer. According to The 2009 National Association of Realtors® Profile of Home Buyers and Sellers, the number of first-time home buyers rose to 47 percent of all home sales from 41 percent of transactions in last year!s study, and was the highest on record dating back to 1981. The previous high was 44 percent in 1991. I highly encourage you to watch the video and research the site if you are in a similar boat like me.