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Connecticut Real Estate and Homes for Sale in Cheshire, Southington, Wallingford and All Central CT |
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Central Connecticut Real Estate Agent - Serving Cheshire CT, Southington, Wallingford, Hamden, Berlin, Newington, Wethersfield and All Central CT - Your Real Estate Consultant!
$6,500 Tax Credit for Repeat Homebuyers
On Friday, November 6, President Obama signed legislation to allow a $6,500 tax credit for repeat buyers who have lived in their home for five of the previous eight years who purchase a new or existing home between November 7, 2009 and April 30, 2010 (and close on the property by July 1, 2010). Income limits are $125,000 for individuals and $225,000 for joint filers. Households who have binding contracts in place by April 30 will be allowed an additional 60 days to complete their transaction. The legislation places an $800,000 cap on the home sale price. Much more information will become available through the Internal Revenue Service as time goes by, but for the time being below are links to information from other sources: National Association of Realtors’ “Changes to the Homebuyer Tax Credit Law” National Association of Realtors’ “Frequently Asked Questions About the New Bill” Overview of the Homebuyer Tax Credit as Prepared by the Staff of Senator Dodd November 6, 2009, Update from the IRS
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