Tax break for buying a home!
Tax break for buying a home!
The legislation also would extend the $8,000 homebuyer tax credit to contracts signed by April 30 and closed by June 30.
The
controversial credit, which many say has boosted home sales in recent months,
was set to expire after Nov. 30.
The bill also creates a $6,500 credit for those who buy a home after living in their current house at least five years.
That measure would apply to contracts signed by April 30 and closed by June 30.
The current credit defines a first-time homebuyer as someone who has not owned a
residence within the past three years.
The credit would be available only for the purchase of principal residences
priced at $800,000 or less.
The bill would raise the adjusted gross income cap to $125,000 for single filers and $225,000 for joint filers.
The amount of the credit currently begins to phase out for taxpayers whose
adjusted gross income is more than $75,000, or $150,000 for joint filers.
"It's gonna put people back to work, the home builders, put people in the real estate business," said Sen. Chris Dodd, D-Conn.
"The kind of jobs that can make a difference."
Gladly Serving your Real Estate needs,
John Welcome
Re/Max Horizons
Office: 302 724-4310