Tax Credit
East Bay Real Estate Update: 2010 Tax Incentive Windows Are Closing!
March 14, 2010 by Jim Walberg · 4 Comments
Hopefully, all of you know that the first time and second time homebuyer tax credit that the Feds have in place ends next month, April 30th! If you are thinking of buying a home in 2010 that is $800,000 or below, the time to act is NOW! The tax credit for first time homebuyers is up to $8,000! And the tax credit for previous homebuyers is up to $6,500. There are some very simply qualifications, but they need to be met no later than April 30th! In order to qualify for this tax credit you need to be in escrow on a home purchase by April 30th, your loan qualification needs to be completed by that date, and the escrow must close no later than June 30, 2010. The home needs to be your primary residence, and you can use the tax credit for your 2009 tax returns or use it in 2010! Read more
