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Arts and Crafts

Tuesday, March 16, 2010

Take Advantage Of The Housing Stimulus

Many of you may already have filed your taxes and gotten a refund, but it does not have to stop there; you can still take advantage of the housing stimulus.

Qualified home buyers can receive a substantial home buyers' tax credit when buying a home and having a written, binding contract by April 30 and close by June 30, 2010.

It may be your last chance for this housing stimulus because the likelihood that there will be future extensions is slim to none.


To know whether you are eligible for this stimulus or not, you will have to fall within the realm of the following criteria:

- You are a first-time home buyer and have not owned a house in the last three years. If that is the case, you could receive the nice amount of $8,000 tax credit, when buying your first home.
- You are presently a homeowner, but have lived in your current house consecutively for 5 out of the past 8 years. You could get up to $6,500 tax credit, when buying another home.

Don't think your income may not be enough because the income limits have changed as well: $125,000 for singles and $225,000 for married couples with a $20,000 phase-out of the credit for both.

The art is to buy now; purchases made after April 30, 2010 will no longer be considered eligible!

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