How’s Your Financial Health? $6,500 Tax Credit

You might feel really good when you leave the gym after a hard workout following a day when you stayed strict on your diet, but what happens when you realizes your bank account is sick and your finances could use a shot in the arm? Well, with this new 2010 $6,500 Tax Credit, you might be able to pull your finances off life support and get them fit to run a marathon.

Home buyers are enjoying a recent extension to the federal income tax credit who wish to “move-on” after living in their current property after 5 years. This credit is also available to first-time home buyers.

If you haven’t owned a home in the last three years, or it’s your first time buying a home, you can be eligible for up to an $8,000 tax credit. A $6,500 tax credit is possible for people who have lived in the same home for 5 of the last 8 years. This bill has reportedly already added $22 billion dollars to the general economy.

Millions of Americans are eligible for this tax credit.

You may not be eligible for the tax credit if you’ve surpassed the income cap of $125,000 for individuals and $225,000 for families. There are deadlines as well. All contracts for this must be written by April 30, 2010. All properties must close by June 30, 2010.