Rob's Information Blog

November 9th, 2009 8:13 AM
President Obama signed legislation extending the $8,000 first-time homebuyer tax credit and giving additional tax breaks to certain homeowners on Friday. The bill will provide a $6,500 tax credit to homeowners who are buying a new primary residence beginning Dec. 1.  To get the credit, the homeowner must have owned their home for five consecutive years of the previous eight. There are caps on the tax credits. They only apply to individual buyers who make no more than $125,000 and $250,000 for couples. Any homeowner who collects the credit and sells within three years must return the money. The FTHB was extended to cover consumers signing a contract by April 30 and closing by June 30.
Posted by Rob White on November 9th, 2009 8:13 AMPost a Comment (0)
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