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

The American Real Estate crisis has left a lot of Americans homeless; many have been renters their whole lives and have not even tasted the comforts of buying and living in a house of their own. It is a sad and morbid reality, and it is almost depressing to know that one of the most important needs of having shelter is not fully met for these people. This is the reason behind the decision of extending the federal income tax credit  for homebuyers in 2010. In fact, the 2010 homebuyer  Tax Credits has been expanded and now gives hope to those first-time buyers, in spite of a still tough economy.

President Barack Obama signed into a law on November 6,2009 the Worker, Homeownership and Business Assistance Act of 2009. This law has the main purpose of extending the first time homebuyer tax credit which was previously created by the Housing and Recovery Act of 2008 which was to expire on November 30th, 2009. The federal government aimed to create a stimulus for the housing market and real estate business and provide the needed spark of the economy to recover from recession. If you are getting a house for the first time, there are loads of benefits awaiting for you with the 2010 Homebuyer Tax Credits. Renting an apartment or house unit cannot bring you any good. In fact, it will waste a lot of your money and end up with nothing. Why rent a unit, when you can buy your very own house?

With this new law, home-buyers who are eligible to receive this Tax Credit can receive a tax credit of up to 10% of the home purchase price. A maximum tax credit of $8,000 is at stake for first-time home-buyers. In order to qualify for this tax credit, you must buy or enter a binding contract to purchase a property as “principal residence” on or before April 30th,2010. The deal should be closed by June 30th,2010 at the very latest. The principal residence would mean that for those people who own several houses, the house being purchased shall be the on they will primarily reside in most of the time. However, a first time home-buyer is defined as an individual who has not owned a principal residence over the past 3 years.

What benefits can you get from the 2010 Homebuyers Tax Credit?

- A maximum tax credit of $8,000.
- First time homebuyers can receive a tax credit of up to 10% of the price of the house being purchased, which means your home will cost up to 10% less.
– Homebuyers who bought their home in 2009 can claim the tax credit on either their 2008 or 2009 returns, while those who bought their house in 2010 can use their 2009 or 2010 income tax returns. This means that if you bought your house but did not apply for the Tax Credit, you can still do so.
– For those who are serving outside the United States (foreign service, military and other intelligence personnel, etc.), in an ” official extended duty” for at least 90 days in 2009, these people are allowed to take an extra year of the tax credit.

Watch this video for more information and specific details on the 2010 Homebuyer Tax Credits. This move can really benefit a large number of Americans who are longing for a house to call home. You can check learn more of Home Buying Tax Credit and get your dream house by clicking the following link.