Tuesday, January 26, 2010

Tax Credit and Real Estate Bailout

In these tough economic times, many people find themselves wanting to buy a house, but they don't think that they can pull it off financially. What they need is some extra incentive to make that move. That incentive exists now because the federal income tax credit for home buyers has been extended and also now includes people that have lived at their current house and property for five years and want to buy and move into a new house as well as first time buyers. As long as you have a written and binding contract for the sale by April 30, 2010 and close by June 30, 2010, you can qualify for this tax credit. For those who are first time buyers, there is an $8,000 tax credit, and for other qualifiers there is a $6,500 tax credit. The income maximum is $125,000 for singles and $225,000 for married couples, and the cost of the house can not exceed $800,000. There are a couple of other good reasons to consider this. The main reason is that you will have the house of your dreams and some extra money at tax time. Also, consider the state of our economy. Every time this country has been in recession, it has been the real estate business that has pulled us through. So, be part of this Real Estate Bailout, and get that dream house soon.

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