To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.
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 $6,500.
The tax credit applies only to homes priced at $800,000 or less.
The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, the home purchase qualifies provided it is completed by June 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
I am a NYS Licensed Associate Broker affiliated with Barbara Corregano Real Estate. 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.
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