When I first came across the term "tax credit", I wasn't sure what the phrase means. All I know is that anything to do with tax requires us to pay up, unless the word "tax" comes with the word "free".
Nevertheless, for those living in the USA, here's a good news regarding the 2010 Homebuyer Tax Credits. If you are a first time homebuyer or if you have not purchased or owned any house in the previous three years, you are eligible to receive up to a $8,000 Tax Credit. Otherwise, if you have a home and have been living in it consecutively for 5 out of 8 years, you can receive up to a $6,500 tax credit.
Other benefits of tax credit include a higher income limits, which are $125,000 for singles and $225,000 for married couples. In addition to that, both singles and couples can enjoy a $20,000 phase-out of the credit.
However, there may be no future extension for tax credit, so all qualified homebuyers are encouraged to act and have their binding contract documented and finalised by April 30th, 2010.
However, there may be no future extension for tax credit, so all qualified homebuyers are encouraged to act and have their binding contract documented and finalised by April 30th, 2010.
To know more about tax credit and its benefits, you can view the video below. Hopefully it will help guide you in understanding more about real estate, especially for first time homeowners.
Hi Debbs! I oso don know much abt tax credit... but nemind...wah this PB from where? So susah like dat... ;)
ReplyDeleteHi Marzie! It's from pppv4! :)
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