The $8,000 tax credit for first-time home buyers extended for buyers who sign a contract by April 30, 2010. (and who close by the end of June).
The $6500 tax credit offered to home buyers who have lived in their current residence at least five years and who want to "trade up" (buy a new primary residence).
The tax credit does not have to be repaid.
The tax credit is equal to 10 percent of the homes purchase price up to a maximum of $8,000
The tax credit applies only to homes priced at $800,000 or less.
For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the income limits are $75,000 for Single tax payers and $150,000 for married couples filing jointly.
For homes purchased after November 6, 2009 and on or before April 30,2010, Single tax payers with income up to $125,000 and married couples with incomes up to $225,000 qualify for full tax credit.
Tax credit not applicable for those buying homes worth more than $800,000
Those who sell their new home or stop using it as their main residence within three years would have to repay the credit.
CONTACT INFORMATION
Damika Alessio
Licensed Real Estate Salesperson
Appleseed Homes
4651 Hylan Blvd, S.I. N.Y. 10312
(718) 966-4000 ext.325
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