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$8,000 TAX CREDIT EXTENDED TO APRIL 30, 2010
(NOT JUST FOR FIRST TIME BUYERS) The bill would extend the present $8,000 tax credit for first-time home buyers through April 30, 2010.
Current homeowners are eligible for a $6,500 tax credit through April 30, provided they have lived in the home
they are selling, or have sold, as principal residence for five consecutive years in the past eight years. If potential
home buyers have a binding contract on or before that date, they will have until July 1 to close the transaction.Income limits for eligible home buyers are expanded to $125,000 for single buyers and $225,000 for couples.
The purchase price of the home cannot exceed $800,000. To help guard against fraud, buyers are required to attach documentation of purchase to their tax return. Detailed information about provisions in the tax credit legislation
is available on Realtor.org. |
Realty Exerts, LLC
PO Box 1795, 106 Litchfield St.
Torrington, CT. 06790
ALL RIGHTS RESERVED, copyright 2005-2010
Licensed in CT.
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