Friday, February 19, 2010

Homebuyer Tax Credit for those Buying First Home

Coldwell Banker wants to make sure that anyone that is thinking about buying a home know that the Home Buyer Tax Credit has been extended into 2010 and that there are changes that have made even more people eligible for this tax credit.

Why should you check to see if you might qualify, even if you were previously ineligible for the homebuyer tax credit?

The credit now covers even more home buyers, and with a tax credit that could be as high as $8,000.00 you could easily use the money from the tax credit to help remodel your new home. New carpeting, paint, maybe a nice bedroom or living room set. You could remodel the yard to have a garden or children's play area.

A few notes about the tax credit:

The home purchased must have a value of less than $800,000.00 and documentation of purchase must be attached to the tax return. The tax credit has been extended so that as long as the buyer has a signed contract to purchase is in hand by April 30, 2010, they will have to June 30th to close on the home purchase. This tax credit can be worth up to $8,000.00 to home buyers, so it is definitely worth checking into even if you think you might not qualify for the credit or had not qualified prior to the extension.

No longer only for those that are Buying First Home, the tax credit now allows for current home owners to qualify if they meet certain criteria. As with the first time home, homes purchased by current home owners must be less than $800,000 in value and written proof of intent to purchase must be in hand no later than April 30, 2010.

Watch the video below, where Jim Gillespie, president and CEO of Coldwell Banker, discusses the homebuyer tax credit, then visit the Coldwell Banker website for more information.

This post was paid for by Coldwell Banker


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