Tagged : tax credit

Tax Time: Do You Have Time For a Tax Credit?

Phil Boren

Wednesday, April 14th, 2010 at 4:55pm. 241 Views, 0 Comments.

As you file your income taxes, it's a good time to ask how a tax credit of up to $8,000 would work about now?  The federal homebuyer's tax credit is set to expire April 30th, so you've only got 1 day left to file your taxes on time, but you still have 16 days left to claim that tax credit!

Although we don't know for sure yet, NAR is telling us that it appears unlikely that the tax credit will be extended again this time.  You may recall it was originally set to expire last November, but was extended and expanded - extended to April 30, 2010 and expanded to include home buyers who did not qualify as "first-time" buyers.  If you're thinking about buying a Boulder home anytime soon, you should consider this deadline.  You have until June 30th to close on a…

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Home Buyer Tax Credit: Only 60 Days Left!

Phil Boren

Tuesday, March 2nd, 2010 at 10:40am. 314 Views, 0 Comments.

Home buyers only have 60 days left to claim the home-buyer tax credit of up to $8,000.  The new deadline is April 30th and the revised plan also provides a new credit of up to $6,500 for buyers who do not qualify as "first-time" home buyers.  You can get more details using our Home Buyer's Guide, but here are a few facts:

• To qualify for the tax credit, the home must be contracted for by April 30, 2010 and the deal must close by June 30, 2010.
• Home buyers who have not owned a home for at least 3 years prior to closing are eligible for a federal tax credit of 10% of the purchase price, up to $8,000.  Remember: This is a tax credit - not a tax deduction; the credit is much more valuable.
• "Other" home buyers are also eligible for a federal tax credit up to…

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