Have you already filed your 2009 tax return ? We did ours a few days ago. It is tax season again and everybody are busy filling for their 2009 tax return. This is a good months for people who purchased their first home since they will be getting a Tax Credit from the government.
The Worker, Homeownership, and Business Assistance Act of 2009 has extended the tax credit up to $8000 for qualified first time home owners. If you have purchased your first home between January to December of 2009, you could be qualified for the homebuyer tax credit. If you are still planning to buy a house this 2010, make sure that you have a signed contract by April 30, 2010 and complete the home purchasing process by June 30, 2010 for you to be able to qualify for the home buyer tax credit.
Take note of these key points:
1. First time home buyer are those who have not owned a home for the last three years.
2. Income limits of $125,000 for individuals and $225,000 for married couples filing jointly apply to all sales occurring after Nov. 6, 2009.
3. Homeowners who had lived in their current home for five consecutive years out of eight years can received up to $6,500 tax credits.
If you have plans in buying a home, act now before April 30, 2010! First Time Home Buyer Tax Credit is a big bonus for all of us. This is a lot of money which could be used to pay your bills, mortgage of your car or buy furniture for your new house. They said that there might not be anymore extension, so you better grab it now before it is too late.
Watch this video to know more about 2010 Homebuyer Tax credit.