This is a Sponsored Post written by me on behalf of Coldwell Banker. All opinions are 100% mine.
For what is probably the first time ever I am actually dreading tax season. Dan’s income + my income = enough income to make us very, very fortunate if we break even. The last thing I want to do is have to pay taxes, but I think that is a good possibility. I plan on pow-wowing with some other money-making bloggers and see what kind of deductions they take in order to reduce how much they pay, or eliminate the possibility of having to pay altogether. Then… I don’t know. I’ve always done our taxes for us using Turbo Tax or H&R Block, standing on the principle that there’s no way I’m parting with several hundred bucks just to enjoy the convenience of a refund right away and having someone else do the tax preparation for me. But on the other hand, paying a fee might be worth the peace of mind knowing that our taxes are done right.
So I think we can pretty much establish that tax deductions & tax credits are a godsend. One tax credit in particular that I’d kill to have is the 2010 homebuyer tax credit. Simply put, if you buy a home in 2010, you’re eligible for a tax credit on your 2010 tax return! The credit is up to $8,000. The program has also been expanded to include homeowners who have lived in their current home for at least five consecutive years. The credit is up to $6,500 for these individuals. (Damn, we’re not eligible for this one either… as of the end of March we’ll have lived in this house for just three years!)
In order to be eligible for either credit, you must have a written, binding contract on a new home by April 30th, 2010, and you must close on the home by June 30th, 2010. Obviously, if you’re already in a home, you better have been in it for the last five consecutive years!
The income limits are pretty high — over $100,000 for individuals and over $200,000 for married couples, so I’m sure that plenty of people will qualify. Want to make sure you qualify, or search for a new home to have in time for the April 30th deadline? Click here: 2010 Homebuyer Tax Credits
