Income Master

Housing Stimulus Benefits Economy and Homebuyers

Tax credits for homebuyers has not only been extended, but expanded to people who have already purchased and are living in a home. A government stimulus for the real estate industry will not only benefit homebuyers but will also help the economy, according to a video about the Housing Stimulus extension found on Coldwell Banker’s website.

The government extended the tax credit to April 30, 2010. Under the tax credit, first time homebuyers can receive up to $8,000 tax credit when they buy a home. In addition, “move up buyers” — people who have lived in their current home for at least 5 years, can receive up to $6,500 in tax credits from buying a different home.

The video, narrated by Jim Gillespie, president and CEO of Coldwell Banker, explains how this Housing Stimulus not only helps the average citizen, but is vital to the recovery of the economy.
Anyone who is interested in the tax credit must have a signed contract to purchase a new home dated before the April 30th deadline.

The income limits to qualify are $125,000 for a single person and $225,000 for a married couple. There is an additional $20,000 phaseout. For more information on this extension of tax credits for homebuyers, visit the Coldwell Banker website and view the video and other information.