Boston Real Estate and Tax Saving Tips

The Quincy Cove 02/08/2010 18:26

If you haven’t filed your taxes yet don’t worry you still have until April to get everything together. The folks over at Mortgage Fit have given us some great tax tips. One thing is for sure whether your buying a home in Boston or Quincy you may want to get things wrapped up quickly for your stimulus tax credit.

“The tax season is knocking at the door. You should know the tax breaks so that you would be able to receive it’s benefits. You may get some extra tax breaks if you’ve bought a new home, purchased a car or if you’ve a college student in your family. Have a look at the available tax breaks in 2010:

Homebuyers…
All the first-time homebuyers who’ve bought a home after January 1st, 2009 will be eligible for a tax credit of up to $8,000. The best part is that you won’t have to repay the tax credit if you live in the house for the coming 3 years. You will be able to get this benefit this year even if you close your home purchase by June 30, 2010.

If you are not a first-time buyer, you’ll still be receiving certain benefits. If you are staying in your home for 5 of the last 8 years before you purchased a new house (bought after Nov. 6, 2009), you’ll receive a tax credit of $6,500 for your 2009 taxes.

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