I get asked about this alot lately-and these are the four quick talking points I give in my response,followed by "consult a tax advisor STAT" :)-thought I'd share with you !
The federal homebuyer tax credits have been in the news constantly-if you haven't heard about them,or just now are going "say what"-here are a few quick points to consider when wondering if you might possibly qualify-and then go talk to your tax advisor about these things for more detail-but knowing a few ABC's could save you time and effort !
- Purchase agreements must be signed between December 1,2009 and April 30,2010 .Buyers have until June 30th,2010 to close.
- There are two tax credits,the first time( first time defined as not having owned a home in the previous three years,the credit does not have to be repaid unless said home is sold or ceases to be a primary residence in three years) home buyer credit- upto $8,000.And the repeat/move-up credit,for buyers who have lived in their primary residence 5 years or more.
- $800,000 price limit on homes eligible for the credit
- Income limitations on eligibility : $125,000 for individuals; $225,000 for married couples
Lots of information out there,do your research,make your calls.If you were on the fence and possibly considering this...well...April is zooming by fast !
Again,this is purely informational.This is not a substitute for a consultation with a tax professional. If you think this might work for you,and you need a referral or more information-feel free to call us,we'd be glad to help.
...til the next time. Always at your service.
Posted via web from Nicole Beauchamp Team ,Your NYC Real Estate Resource
No comments:
Post a Comment