In 2008, Congress enacted a $7500 tax credit designed to be an incentive for first-time homebuyers to purchase a home. The credit was designed as a mechanism to decrease the over-supply of homes for sale.
For 2009, Congress has increased the credit to $8000 and made several additional improvements. This revised $8000 tax credit applies to purchases on or after January 1, 2009 and before December 1, 2009.
Here are some of the details:
The 2008 $7500, repayable credit is increased to $8000 and the repayment feature is eliminated for 2009 purchasers. Any home that is purchased for $80,000 or more qualifies for the full $8000 amount. If the house costs less than $80,000, the credit will be 10% of the cost. For example, if an individual purchased a home for $75,000, the credit would be $7500. It is available for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009.
Eligibility: Only first-time homebuyers are eligible. A person is considered a first-time buyer if he/she has not had any ownership interest in a home in the three years previous to the day of the 2009 purchase.
Charming and bright 3BR/2BA Cape Cod home on 0.22 acres with deeded beach rights in one of the most desirable neighborhoods in Madison, CT (Neck RIver). Please stop by and see this property on Sunday 1-3 PM.
Great primary residence or second home.
Offered at $524,000
Any question call either Steve or Tania at (203) 245-4663
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January 31, 2009 REGISTRATION: 10:00-11:45am PLUNGE: 12:00pm
Don't miss the opportunity to run, jump or dive into the chilly waters of Connecticut. Last Year thousands of "Penguins" took the plunge statewide to raise much needed funding for Special Olympics Connecticut.
"Penguins" solicit donations from family, friends and local businesses in order to take the plunge. Incentive prizes for money raised and individual and group awards are given in a number of different categories.
All proceeds from the Penguin Plunge go directly to support Special OlympicsConnecticut's year-round sports training and athletic competition programs for more than 6,500 children and adults with intellectual disabilities and Special Partners, throughout the state of Connecticut.
Location, Location, just 3 houses from one of the finest beaches in Madison. Year round home off Liberty Street with deeded beach rights to Seaview Beach.1st Floor Master plus another Bedroom and 3 Bedrooms upstairs. Central A/C, Attached 2 car garage w/3 season porch.
Call Steve or Tania @ (203) 245-HOME with any questions.
As part of the "Housing and Economic Recovery Act of 2008" that was recently signed into law, Congress has created a new, temporary federal income tax credit to provide an incentive for first-time homebuyers.
The highlights of this federal tax credit are:
• The amount of the federal tax credit is for 10% of the cost of the home, up to a maximum credit of $7,500. In essence, this is an interest-free loan that enables consumers to receive a tax credit on a dollar-for-dollar basis on their personal income tax return in the calendar year following the year of closing on their home. They begin paying the tax credit back the year after that and make equal installments during the next 15 years. If the homeowner sells the home at any point during the 15-year payback period, then the remaining amount is recaptured, unless they sell the home at a loss, at which point the balance is forgiven.
In other words: If a home costs $65,000, the allowable credit would be $6,500. If a home costs $120,000, then the allowable credit would be $7,500.
• Eligibility is for first-time homebuyers only. In this case, a first-time homebuyer is defined as an individual who has not owned a primary home at any time during the past three years, but who may have done so previously. Although certain income limits do apply, the amount of the credit is the same for all taxpayers, married or single.
• Individuals whose Form 1040 filing status is single (or head of household) are eligible for the tax credit if their income is no more than $75,000. Individuals who file a joint return may have no more than $150,000 in income.
• Individuals with incomes between $75,001 and 94,999 (single) or $150,001 and $169,999 (joint returns) are eligible for a partial tax credit.
• Individuals with incomes greater than $95,000 (single) or $170,000 (joint return) are not eligible for this tax credit.
• The federal income credit can be claimed on one's individual or joint tax return for the purchase of any single-family home between April 9, 2008 through July 1, 2009. Individuals should consult a professional tax advisor for exact tax calculations.
o e.g., If an individual's actual tax liability was $5,000, then after the tax credit is applied the purchaser would receive a total refund of $2,500. The refundable amount is the difference between the $7,500 tax credit and the amount of one's tax liability.
o e.g., If an individual's actual tax refund was $2,000, then after the tax credit is applied the purchaser would receive a total refund of $9,500.
• This tax credit is required to be repaid without interest in equal installments of 6.67% of the total credit each year for 15 years beginning the year after the tax credit is claimed.
o e.g., If a homebuyer claims the $7,500 credit in 2009 on their federal income tax return for a closing that occurred in 2008, then the credit is received in 2009, so repayment begins in 2010 with an annual repayment amount of approximately $500 a year.
Keep in mind that this tax credit is retroactive.
For more information please go to the following websites:
This friday evening at 8;00, make sure to catch "An All-Beethoven Fest", the second in a series of four (Friday evenings during August) Chestnut Hill Concerts at the First Congregational Church on the Green. For more information, visit http://www.chestnuthillconcerts.org/
On Saturday from 9am to 4pm the Madison Exchange Club presents an Antique Show and Sale. Location: Town Green.
Stop by Lee Academy to see Madison Historical Society's "A Road Runs Through It" exhibit, make it a point to do so. It's about the 50th anniversary of I-95, it's free, and open Saturday, 11am to 4pm. The exhibit will be open Saturdays through August 23rd.
Finish off the weekend on Sunday evening from 6 to 8pm by enjoying a free Concert on the Green featuring the Sommers-Rosenthal Family Band, sponsored by Madison Beach & Recreation.
WOW!!! Great condo living within walking distance of the Guilford Town Green. Pristine Knap Foundry end unit featuring:
2BD,2BA 2200 sq ft end unit with patio, new mechanicals, granite counters, updated baths, new hardwood flrs, marble foyer, cathedral ceiling in LR w/ Fireplace, large windows & and more. Walk to Town & Green. This unit is a must see!
Governor Rell announced that the Shoreline East train service will be expanded to include WEEKENDS beginning this Fourth of July weekend!
The service will provide eight westbound trains to New Haven and eight eastbound trains to Old Saybrook. The trains will also provide reverse stops at the Guilford station throughout the day.
Tied in with the new Madison train station (scheduled for completion in late July), this is great news and a huge step forward for CT Shoreline commuters, residents and tourists!
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