This is a Sponsored Post written by me on behalf of Coldwell Banker. All opinions are 100% mine.
I’m pleased that my daughter, Alicia, learned about the homebuyer tax credits at the end of last year. After she was married, she and my son-in-law began considering buying a new home. Both have good paying jobs, money in savings and are thinking seriously about their future now. They were considering joining the Peace Corps, which I am proud of, but which also had me worried. Since learning that both of their careers they were hoping to start after grad school do not look promising, they nixed the idea of doing anything that will keep them from attending school full time or from looking for work in their fields.
With the poor economy, Alicia will probably have to get a second Masters Degree in order to become a school librarian or Media Center Specialist. Scott is also considering going into teaching. Their plans have changed dramatically. This means they are going to stay put in Kansas.
Instead of paying rent and not getting any tax breaks for a mortgage, they are looking at homes for sale. Since the 2010 Homebuyer Tax Credits have been extended from last year and end on April 30th with a closing date of June 30th, 201 they are trying to get their act into gear. They really want to get up to the $8000 credit for first time home buyers. Income limits are now $125,000 for singles, $225,000 for married couples with a $20,000 phase-out of the credit for both. We’re back to sharing photos over the internet. This time instead of wedding dresses and flowers, it’s homes. I hope they find something they like before the tax credit time runs out.
what an exciting time! i hope they find the perfect house. Keep us posted!
I hope they find what they are looking for soon. It is a great time to buy for the first time!
.-= Barbara´s last blog ..Relax With Barbara On Wednesday 59 =-.
I, too, was lucky to be able to spread the word about the tax credits available. And Coldwell does a good job explaining it all.
.-= Diane Scott´s last blog ..Too Personal? That Just Might Be Your Problem =-.
Is this a refundable credit or a reduce your tax due credit? I’ve always been curious, but too lazy to find out. Guess I should get off my duff and check it out.
Interesting that you qualify for the full amount [depending on filing status and income level] even if you’ve owned a home before, but not in the past 3 years. And, if you do currently own a home you still qualify for a credit, just a lower amount. Good info to get out there to the masses.
I got off my duff. This is a refundable tax credit! So, if you owe no taxes you will get the money back! Talk about a nice refund. So much better than just lowering your taxable income [like the education credit, sigh].