Uncle Sammy has agreed to keep his pockets open through April 30, 2010. And now, even more home buyers will be eligible to reach in and grab $8,000. Here are the details:
- First-time home buyers are eligible for an $8,000 tax credit.
- Current homeowners who have lived in their current home for 5 consecutive years are eligible for a $6,500 tax credit if they purchase a NEW home.
- If you have bought a home previously but have not owned a home in last 3 years then you’re eligible for the $8,000 tax credit.
- Income limits: $125,000 for an individual, $250,000 for a couple.
- The home must be $800,000 or less and cannot be a vacation or second home.
Pretty generous overall.
I’m torn about this tax credit. I’ve come out pretty consistently in favor of the tax credit as it appears to have a direct effect on the buying habits of my Denver and Boulder clients. It’s clearly one of the issues they’re considering when making their decision to buy at this time. So expanding the tax credit will likely continue to help buyers get off the fence and jump in to home ownership if they were considering it in the first place.
But I just can’t help but to wonder what is going to happen with all of our debt in this country. Tax credits like this equal lost revenue for the Fed. God knows we’re already in hock up to our necks with China holding most of the purse strings. What happens if the Chinese decide to transition out of the US Dollar and into other currencies as suggested by this article?
Tags: boulder listings for sale, boulder real estate, denver real estate, tax credit
