Here is a review of the revised first-time home buyer tax credit
Amount of Credit: Maximum credit amount increased to $8,000
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
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New York City First Time Home Buyer Series:
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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.
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Morgan, It sounds like all good news for first time home buyers who would love to live in The Big Apple! I can't imagine anyone not loving New York City.