How Sweet It Is: $6,500 Tax Credit
Having just moved to a new place (and thanks to all those that took the time to comment and send well wishes) and getting all settled in, the home buyer tax credit has been on my mind. Although I would love to own our own home right now, we just aren’t in the position to own a house. It’s caused me a lot of sadness to not be able to own our own home, especially considering how much research and reading I’ve done about our options and the tax credit available.
There are so many benefits to the tax credit, and it’d be close to insanity not to take advantage of it. In case you don’t know about the tax credit, it’s been extended, and is pretty much like getting paid money to buy a house. There is a lot of talk about it all but there are basically two types of credit available. The $6,500 Tax Credit is available to existing home buyers that would like to get into a new home and have been in the home as a primary residence for the last 5 of 8 years. The $8,000 tax credit is for first time home buyers that have not previously owned a home in the last 3 years.
Seems pretty simple and straight forward, but there are some intricacy that must be known. First, it must be known that the credit has been extended to April 30, 2010, and all contracts must be closed by June 30, 2010. Also, the income limits to qualifying for the credit have been increased, as to allow more people to qualify, and is good news for those that were teetering just outside of qualifying.
Additionally, the tax credit applies to all houses valued at $800,000 or less. To me, sounds like a pretty good deal, and really would help tons of people to get into their own homes. Unfortunately for us, we won’t be able to take advantage of the tax credit, but I’m hoping by this time next year we’ll be in a better position and will finally be able to find a house that is right for us.
If you don’t know much about the tax credit, check out this video, where I learned a lot of stuff, including the fact that one new job is created for a year for every home that is purchased:
Have you taken advantage of the tax credit this year or last year? Have you thought about taking advantage of the credit? If you have taken the tax credit, how has it affected your family?
~Hale Mom
*Disclosure: this is a sponsored post, however the opinions above are mine and mine alone, and are in no way influenced by sponsorship.
