Sunday, January 24, 2010

2010 Homebuyer Tax Credits

This is a paid advertisement

So i thought i would take this opportunity to talk about this rather exciting gift the government has decided to give to every one of us. Now let me say right off the bat that i have no time for politics unless its starts affecting my life. Now in this instance, it has the potential to affect my life positively as there is a possibility that they can give me a whole bunch of money.

The thing is that we have recently added a little girl to our family. Kiera is 3 months old now and starting to take over the house. I mean, her stuff is all over the place. We just cant seem to keep the house clean, no matter what we do. So Jennifer ( my wife ) and i have been talking about looking at a bigger house. We love the area we live in but definitely need a bigger place. Our house is currently 1600 square feet and is getting a bit crowded.

So here is a link that will give you more information:

So basically from what i understand, if you have been renting a house for the past couple of years and would like to buy, the government will give you up to $8000-00 tax credit if you purchase the house by 30 april 2010. Also, if you have owned a house for 5 years of the last 8, then you will also be able to get up to a $6500-00 tax credit if you want to move to a bigger house.

The problem for us is that i have just started my business, am not really making any money yet and we cant really commit to purchasing a new house at the moment as that wouldn't be very clever.

There is also a salary cap with this. $125,000 for singles and $225,000 for couples.

Now, there are some limitations, some that i actually like. If you are a rich bast%#@, and your new house is over $800,000. Sorry this tax credit is not for you. You've got enough money.
You have to close by June 30th 2010.
The purchase has to be made by you, and not a dependent & you have to attach documentation of the purchase to your tax return.

So if you have managed to sit through this little advertisement have a look at this video that i have put below. Also i have put on my Rocktape and have already learnt a few things, i will be working on a few podcasts this week in which i will discuss it, Let me know if you want some and i will get it for you. If this stuff works i might put it on my website and start selling it online.

1 comment:

  1. This is one of the few home buyer tax credit article that I enjoyed reading a lot. Congratulations on your baby Kiera. Babies ruling over the entire house is part of nature I guess. Great post. Keep it up.