2010 Homebuyer Tax Credits- $6,500 Tax Credit!

As I have prepared for my taxes I am wishing I was able to buy a home right now. The 2010 homebuyer tax credits are so wonderful that I wish I knew where I would be living so I could possibly take advantage.

My mother is in real estate and recently had a client who qualified for this amazing $6,500 Tax Credit​! While he did have a home, he had not purchased a home in the past five years. He had also lived in the home as his primary residence for a minimum of five years. So he receives the tax credit for current homeowners which is $6,500. This is different than the first time homebuyer tax credit which is a greater credit (at $8,000).

First time homebuyers get an $8,000 homebuyer tax credit as long as they have not had interest in a principal residence in the past three years. This is how I know I could qualify for this. It has been three years since the sale of my home so I would actually qualify as a "first time homebuyer" in 2010.

Those wishing to take part in these credits need to be in a binding real estate purchase contract by April 30, 2010. You have until June 30, 2010 to close escrow on the property. This is great to have this extension.

There are income limits that apply to both of these tax credits. Here is a video that explains much more about what will qualify you and what just won't work. I hope for those interested you can take advantage of this since it is such a great credit!