Tax Credits for Home Owners

This is a Sponsored Post written by me on behalf of Coldwell Banker. All opinions are 100% mine.

Boy, do I wish I qualified for one of the 2010 Homebuyer Tax Credits. I don’t think there was a tax credit for new homeowners when we bought our house, and that plus the current housing market really makes me wish we had waited a couple more years. New homeowners get an $8,000 tax credit, and there’s even a tax credit this year for current homeowners. Those who have been in their current homes consecutively for 5 of the last 8 years can get a $6,500 tax credit to be used to purchase a new home. We have been in our house for two years, so we don’t fit into that category either.

I’m hoping the tax credit for current homeowners is still around when we decide to sell our house and upgrade. We are planning to do so in about three years, which would put us at the required 5-year mark. I guess it depends on how the housing market fares in the next several years, since the tax credit for current homeowners was spurred by the economy and created as a way to entice homeowners into upgrading to new homes.

I know a lot of you own your homes. Are any of you able to take advantage of either of these tax credits this year?

Visit my sponsor: 2010 Homebuyer Tax Credits

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Hi! I’m a wife to a wonderful husband, mom to a beautiful and active (to put it lightly) kiddo, and fur-mom to 3 crazy cats. I’m a former journalist. I quit my full time job two years ago. Now, I am a freelance writer and a virtual assistant for several bloggers!

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