Most affiliate marketers are self-employed (or own your own company as is my case), so tracking all expenditures is essential when it comes to doing income taxes for deductions.  And it’s already time to think ahead to next year’s taxes, because it you’ve been thinking about buying or building a new home, now is the best time to do it with the new 2010 Home Buyers Tax Credits announced.

As part of President Obama’s Housing Stimulus package, the first time home buyers tax credit that was due to expire November 30th, 2009 has been extended and income caps have been raised. It has also expanded to include homeowners who have lived in their current property for over five years. Written binding contracts to purchase must be signed and in effect by April 30th, 2010, and then the property must be closed on by June 30th, 2010.

For First-Time Home Buyers
Tax Credit Available $8,000 ($4,000 married filing separate)
Income Limits: $125,000 if single, $225,000 if married
Eligibility: May not have had an interest in a principal residence for 3 years prior to purchase
Limitation on Cost of Home Purchased: $800,000

For Current Qualifying Home Owners
Tax Credit Available: $6,500 ($3,250 married filing separate)
Income Limits: $125,000 if single, $225,000 if married
Eligibility: Must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years
Limitation on Cost of Home Purchased: $800,000

Unfortunately I don’t qualify as my new house is only three years old (and I hope to exceed those income limits), but if I did qualify, I’d definitely consider building again!

This post is sponsored by Coldwell Banker. All opinions are mine.