Wise Startup Blog

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

Is the $8,000 homebuyer tax credit still around? It was originally supposed to expire in October of 2009, but there was recent work by Congress to extend the credit. There are some requirements, however, and they might surprise you.

2010 Homebuyer Tax Credits

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

Coldwell Banker just put up a fact sheet on the 2010 Homebuyer Tax Credits.

The rules are pretty simple:

* For 1st time homebuyers, or those who have not owned in the last three years, can receive up to an $8,000 tax credit.

* Homeowners who have lived in a current home consecutively for 5 of the past 8 years can receive up to a $6,500 tax credit when purchasing a home.

* There may be no future extensions, so all qualified homebuyers are urged to act and have a written, binding contract by April 30, 2010 (close by June 30, 2010.)

* Income limits are now $125,000 for singles, $225,000 for married couples with a $20,000 phase-out of the credit for both.

The reason Congress extended the tax credit was to create a bigger incentive for the move-up buyer, because last year, 47% of all homes purchased were by new homeowners, so the thinking is that if they extend this offer and allow more people to participate, we will have more houses sold.

One thing to note, however, the maximum price of the home is $800,000, which seems like a lot, unless you live in New York or California, so be sure to check your local listings.