New $ 8,000.00 Buyer's Credit

By
Real Estate Agent with Nothnagle Realtors

For those first time buyers in the Henrietta, Mendon and Pittsford, NY areas, the bill has passed for a $8,000.00 buyer's credit, filed on your tax return.  The terms are similar to the recent $ 7,500.00 credit, except that this one doesn't have to be repaid, if you live in the principal residence for 3 years or longer.

There are phase outs for singles that earn $75k or more, or for married couples earning $150k or more, details are still coming in.

For tax purposes, a purchase between the qualifying timeframe of Jan.1, 2009-Dec.1, 2009 can be considered as purchased on Dec. 31, 2008, so that it may be claimed on your 2008 forms.

While the above is considered accurate, check with a tax professional for full information.

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