Truth, I don't know that much about federal income tax credits for homebuyers as I am not, in any way, affected by it, I did not see the need to listen or educate myself about it, so I am basically at zero here. So, I looked around and I found out that the homebuyers tax credit is extended till 2010, it actually took effect last year to help those homeowners and non-homeowners at the peak of US recession and to accommodate more people, the government extended the deal up until the 30th of April. If you're gonna take time to understand it, it's kinda simple, really. If you're a first time home owner or hadn't own one in 3 years, you are eligible to receive an $8,000 tax credit, if you're single, which is my cousin's case at the moment, you have to have an income limit of $125,000, the income limit differs according to your civil status but the cost of the house or property that you intend to buy has to be on the $800,000 range whether you're married or not. If you are interested to know more, feel free to watch the video clip below -
As far as I can see (and understand), the housing stimulus is a win-win battle, it can help boost the economy and it can help people to have their dream houses. As you will hear in the video above, in every house that is built, one person gets to have a job and $60,000 goes straight to the local government, I think it is computed based on $800,000 range; while the taxpayer who have been dreaming to have their own house can grab the opportunity without the trouble of heavy mortgage and tax, it is such a sweet deal. Now, all I have to do is call my cousin up and tell him to hurry up, prepare the necessary papers and file it as soon as he can, this is one of those opportunities that he shouldn't let pass.
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