Staten Island Real Estate Tax Credit Expires June 30, 2010
The $8,000 tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
The tax credit does not have to be repaid unless the home is sold or ceases to be used as the buyer’s principal residence within three years after the initial purchase.
The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
The tax credit applies only to homes priced at $800,000 or less.
The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.
For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.
For homes purchased after November 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit
RealtorRose NYS Associate Broker and NJ Real Estate Salesperson
I am a NYS Licensed Associate Broker affiliated with Barbara Corregano Real Estate and NJ Real Estate Salesperson with Halo Realty in NJ. As a full service realtor I will be with you every step of the way from our first meeting to the last, the final closing of your property! The wishes and desires of my clients are a priority to me. With 92% of buyers and sellers starting their search on the Internet, my marketing strategy is heavily focused on just that! As a native Staten Islander I know all the nooks and crannies of the Island and pass that knowledge on to everyone I am working with. A professional with expert negotiating skills and a keen knowledge of the real estate market is someone you want on your side of the real estate transaction. I pride myself in going above and beyond and giving you the customer service you deserve.
Feel free to see what your Staten Island or New Jersey home is worth, search for homes in Staten Island or New Jersey or just contact me for questions or assistance at 917-846-5795
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