So here we are at the end of 2009, staring into the eyes of 2010 and wondering yet again what happened, how did time go by so quickly….. still so many plans yet undone. If you are one of the many that fell short on your resolution to purchase a home in 2009, there’s still a chance to make up and take advantage of the Homebuyer’s Credit which was extended and expanded in November 2009 to April 2010.
What is a Homebuyer’s Credit? Well, it is a tax incentive given by the government to individuals or families purchasing their principal home, provided the purchase occurred in 2008, 2009 and now into 2010.
In order to be eligible, Buyers must enter into a binding contract to purchase a principal residence, not a rental or a vacation home, no later than April 2010 and must close on the purchase before July 1, 2010. The credit is in the amount of up to $8,000.00. As always there are additional eligibility requirements which are available from your Real Estate professional or visit: www.irs.gov for further details.
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