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Sincerely,

Beata 'B' Gregorowicz

New York Real Estate & Funding Solutions

Services Putnam, Westchester, Dutchess and Bronx Counties, NY. with offices in Brewster and New Rochelle.

Home Buyer Tax Credits

The Worker, Homeownership, and Business Assistance Act of 2009 has extended the tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence. It also authorized a tax credit of up to $6,500 for qualified repeat home buyers.

Up to $ 8,000.00 Tax Credit for the First - Time Home Buyer

First-Time Home Buyer Tax Credit

• The tax credit is available for first-time home buyers only.
• The maximum credit amount is $8,000
• The credit is available for homes purchased between January 1, 2009 and April 30, 2010.
• For the purposes of the tax credit, the purchase date is the date when closing occurs and the title to the property transfers to the home owner.
• A limited exception exists for certain contract for deed purchases and installment sale purchases. See the IRS website for more detail.
  
  However, the law also allows home sales occurring by June 30, 2010 to qualify, provided they are due to a binding sales contract in force on or before April 30, 2010.
  
• For sales occuring after November 6, 2009, the income limit for single taxpayers is $125,000; the limit is $225,000 for married taxpayers filing a joint return.

Move-Up/Repeat Home Buyer Tax Credit

The Worker, Homeownership, and Business Assistance Act of 2009 has established a tax credit of up to $6,500 for qualified move-up/repeat home buyers (existing home owners) purchasing a principal residence after November 6, 2009 and on or before April 30, 2010 (or purchased by June 30, 2010 with a binding sales contract signed by April 30, 2010

Up to $ 6,500.00 Tax Credit for the Move-Up/Repeat Home Buyer

• The tax credit is available for existing home owner.
• The maximum credit amount is $6,500
• The credit is available for homes purchased between November 6, 2009 and April 30, 2010.
• For the purposes of the tax credit, the purchase date is the date when closing occurs and the title to the property transfers to the home owner.
  
  However, the law also allows home sales occurring by June 30, 2010 to qualify, provided they are due to a binding sales contract in force on or before April 30, 2010.
  
• For sales occuring after November 6, 2009, the income limit for single taxpayers is $125,000; the limit is $225,000 for married taxpayers filing a joint return.
• See the IRS website for more detail.
  

Who Qualifies?

To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.

Which Properties Are Eligible?

Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.

How Much Will the Credit Be?

The maximum allowable credit for the first time home buyers is $8,000. Each home buyer’s tax credit is determined by two factors:

The price of the home—the credit is equal to 10% of the purchase price of the home, up to $8,000.

The buyer's income—single buyers with incomes up to $125,000 and married couples with incomes up to $225,000—may receive the maximum tax credit.

Will the Tax Credit Need to Be Repaid?

No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during the three-year period, the credit will be recouped on the sale.

Who is eligible to claim the $6,500 tax credit?

Qualified move-up or repeat home buyers purchasing any kind of home are eligible to claim this credit.

What is the definition of a move-up or repeat home buyer?

The law defines a tax credit qualified move-up home buyer (“long-time resident”) as a person who has owned and resided in the same home for at least five consecutive years of the eight years prior to the purchase date. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse. That is, both spouses must qualify as long-time residents, with at least five years of principal residency for each. Repeat home buyers do not have to purchase a home that is more expensive than their previous home to qualify for the tax credit

How is the amount of the tax credit determined?

The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $6,500. Purchases of homes priced above $800,000 are not eligible for the tax credit

See more info http://www.federalhousingtaxcredit.com/faq.php

Homebuyers should always consult with your tax advisor. 

               It's Easy Being Green

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