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Tax credit benefits families in Washington, D.C.

September 29, 2010 - The federal homebuyer tax credit provided many families with the financial help to afford moving into a new home before it expired earlier this year.

However, buyers in the Washington, D.C. area may still find many incentives that could encourage their moving plans, reported the Washington Examiner. Once such tax credit - worth $5,000 - has been available to first-time buyers for almost ten years but faded from public knowledge in light of the more recent federal credit of $8,000.

The incentive must be authorized each year by a Congressional vote, and while that has not happened yet in 2010, the report said that is likely to occur before the end of the year.

"Virtually every year it is one of the last bills passed for the year," broker Joe Himali told the paper. "It really doesn't matter when Congress passes it, as long as it's done in this calendar year. That's because it will be retroactive for the entire year and can be claimed when a homeowner files their 2010 federal tax return."

Those moving into a D.C. home for the first time might be able to find a number of other real estate tax breaks through their local government, said the report.

Home sales activity peaked in April, driven primarily by first-time buyers using the federal tax credit to finance their relocation to a new home. According to the National Association of Realtors, 5.79 million homes were sold in April, the most since November 2009.
 

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