NEW BUYER AND CURRENT HOMEOWNER TAX CREDIT INFORMATION.
Extended New Purchaser $8,000 Tax Credit. The $8,000 tax credit is for first-time home buyers. For the tax credit program, the IRS defines a first-time home buyer as someone who has never owned a home or has not owned a home in the past three years. This tax credit does not have to be repaid. The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000. The tax credit applies only to homes priced at $800,000 or less. The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify. For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly. For homes purchased after November 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
The $6,500 Move- Up / Repeat Home Buyer Tax Credit. To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years. The tax credit does not have to be repaid. The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $6,500. The tax credit applies only to homes priced at $800,000 or less. The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, the home purchase qualifies provided it is completed by June 30, 2010. Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
For more Details Contact Danielle Smith Cell: (518) 728-5506 Office: (518) 783-1234 ext 271
621 Columbia Street Ext. Cohoes, NY 12047 Equal Housing Lender-Licensed Mortgage Banker NYS
Brian Donohue Cell: (518) 744-6845 Licensed Real Estate Broker
