2010 Homebuyer Tax Credits: What You Need to Know

This is a Sponsored Post written by me on behalf of Coldwell Banker. All opinions are 100% mine.

With tax season upon us, it’s important to be aware of the tax credits you can take advantage of, especially if you’re in the market for a new home.

Coldwell Banker — one of the world’s most recognized real estate agencies — has offered up a list of the 2010 Homebuyer Tax Credits you may not know exist.

For example: Did you know first-time homebuyers can receive up to $8,000 in tax credits? The same applies to those who have not owned a home in the last three years.

If you already own a home and have been living in it for 5 of the past 8 years, you’re eligible for up to a $6,500 tax credit.

The future of extensions on these credits isn’t known, so if you’re looking to make a move, it would be wise to do so quickly. Qualified homebuyers must have a written and binding contract by April 30, 2010 (close by June 30, 2010.)

On the topic of income limits — they are now $125,000 for singles, $225,000 for married couples with a $20,000 phase-out of the credit for both.

The first-time tax credit was working, but what housing and our national economy needed was incentive for the move-up buyer. According to The 2009 National Association of Realtors® Profile of Home Buyers and Sellers, the number of first-time home buyers rose to 47 percent of all home sales from 41 percent of transactions in last year!s study, and was the highest on record dating back to 1981. The previous high was 44 percent in 1991.

–ColdwellBanker.com

All of this important information and more is summarized in the video below courtesy of Coldwell Banker.

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