Aug 25, 2009

First Time Home Buyer Tax Credit Expires Nov. 30th


The current $8000 tax credit for first time buyers will expire on November 30th 2009.

Some legislators and real estate industry associations are pushing for an extension. Many would like the credit increased to $15,000 and expanded to all buyers not just first time buyers. There is no saying what Congress will do when it returns from vacation next month.

The current $8000, tax credit for first time home buyers that earn less than $75,000 per year ($150,000 on a joint return).
  • Individuals with incomes between $75,001 and 94,999 (single) or $150,001 and $169,999 (joint returns) are eligible for a partial tax credit.
  • Individuals with incomes greater than $95,000 (single) or $170,000 (joint return) are not eligible for this tax credit.
In NYC a coop purchase can take up to 90 days from a contract signing to a closing. Now is the time to buy to receive the first-time buyer tax credit.

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