2010 Homebuyer Tax Credit

Posted by Tisha on February 25, 2010 in Work At Home Tips | ∞

Tax season is upon is and, for entrepreneurs, that means figuring out what we can write off as a business expense. Here is a little tip. If your business is doing well and you find yourself at a point in your life where you are thinking about buying a home or moving up to a larger home, you can take advantage of a government stimulus package called the 2010 Homebuyer Tax Credit.

This is actually a credit that has been expanded this year to include, not only first time homebuyers, but those homebuyers who have lived in their current residence for a while and want to upgrade. The credit is $6500 for those who currently own and have lived in their home for at least 5 of the last 8 years. For new homebuyers or people who have not owned a home for at least 3 years, the tax credit is $8000.

So, if you are thinking about or in the process of buying and you can get a written contract by April 30, 2010 and close by June 30, 2010, you should definitely look into taking advantage of this. However, there are certain limitations. For instance, income levels cannot exceed $125,000 for singles and $225,000 for married couples. Also, the price of the home being purchased cannot be in excess of $800,000. To find out all the details you need to know, here is a link to more information - Home Buyer Tax Credit.

I hope this information is useful. I will be posting more tips and suggestions frequently on this site so check back soon. If you have any ideas or helpful hints of your own that you would like to share, I welcome your input.

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Tisha Berg is a wife, mom, blogger and freelance copywriter, among many other things. This blog is a personal journal of her journey as she balances family, work and school life. To keep in touch with Tisha, Follow Biz Mommy on Twitter, "Like" Biz Mommy on Facebook and/or get notified of new posts by subscribing.