Having your own house that you can call “home” is I think one of the most important achievement men must get. A home is a place where you can sleep, eat, take a bath and most of all build a family and share love and stories with your partner in life and your children that is why it is considered as one of our basic needs. So I think, it is because of that why the federal income tax credit for homebuyers has been extended and expanded to now include homeowners who wish to "move on" after 5 years of living in their current property, as well as first-time homebuyers. There’s this video below that will explain this more and about the real estate tax benefit. Take note of the points.
The points from the video are:
First-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;
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.
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