A shelter, say for example a decent house is one of the most important basic needs of man. It is very important to have something 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. So it is really important to have something you can call “home.” This is I guess the very reason 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. For you to understand more about this here’s a video and a summary. Take a look.
So here are some of the most important points from the video.
One, First-time homebuyers, or those who have not owned in the last three years, can receive up to an $8,000 Tax Credit; Then, 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; Next,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) and lastly income limits are now $125,000 for singles, $225,000 for married couples with a $20,000 phase-out of the credit for both.









