Here is a review of the revised first-time home buyer tax credit
Eligible Property: Any single family residence (including condos, co-ops, townhouses) that will be used as a principal residence
Refundable: Yes. Reduces (or can eliminate) income tax liability for the year of purchase. Any unused amount of tax credit refunded to purchaser.
Income Limit: Full amount of credit available for individuals with adjusted gross income of no more than $75,000 ($150,000 on a joint return). Phases out about those caps ($95,000 and $170,000)
First-Time Home Buyer Only: Purchaser and purchaser's spouse may not have owned a principal residence in 3 years previous to purchase.
Revenue Bond Financing: Purchasers who utilize revenue bond financing can use credit
Repayment: No repayment for purchases on or after January 1, 2009 and before December 1, 2009
Recapture: If home is sold within three years of purchase, entire amount of credit is recaptured on sale. Applies only to homes purchased in 2009
Termination: December 1, 2009
Effective Date: All revisions are effective as of January 1, 2009
If you are first time home buyer or investor and would like to receive more free reports and information about New York City go to www.nycaptinfo.com
Disclaimer: All information in this post is subject to change without notice. Subject matter: is an opinion, is not guaranteed, may be time sensitive, and may be based on information collected from several sources which may or may not be reliable at the time of sourcing.
Morgan Evans is a Manhattan New York Real Estate specialist in neighborhoods such as: Greenwich Village, Soho, Union Square, Upper East Side, Upper West Side, Chelsea, Midtown West, Midtown East, Nolita, Lower East side, Financial District in Manhattan. Morgan specialize in working with international buyer, high net worth buyers, parents buying for children and investors buyers. Contact him today by calling (917)837-8869.