Congress voted this to extend the $8,000 First-time Homebuyer Tax Credit and created an additional $6,500 credit for existing property owners looking to sell their home and buy another. The tax credit for both programs (first-time homebuyers and existing homeowners) will apply to all written binding contracts in effect by April 30, 2010 and closed by June 30, 2010.
Both credits have income restrictions limiting their availability and are applicable only for single-family residences.
The National Association of REALTORS® and the Cincinnati Area Board of REALTORS® will provide additional details soon.
In the meantime, refer to this NAR-provided link for more information.
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