Relief for Buying First Home

An estimated 2 million people have already taken advantage of the relief that this tax credit offers 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.
Available for anyone buying first home , even search engine savvy people, is an $8,000 tax credit. The deadline is April 30, 2010 and closing is expected to take place before June 30, 2010.This is for those persons who have not owned a home in the last three years. the federal government is urging all qualified homebuyers to take action and nail down a written, binding contract because there will be no future extensions. Also included in this opportunity are homeowners who have lived in the same home for at least five consecutive years of the last 8 years. a $6,500 tax credit is available for these individuals to receive.
The plan is that this hefty $8,000 tax credit will help activate some movement in the real estate sector and assist would be home owners with a new home purchase in the near future. There are income limits for this plan. Income limits at this time are $125,000 for single people, $225,000 for couples that are married and this also includes a $20,000 phase out of the credit for both groups.
To take advantage of this opportunity, contact your tax professional or the professionals at Coldwell Banker.com.