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Madison Estates & Properties, Inc.
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Brooklyn, NY 11229
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Homebuyer Tax Credit is Coming Back to Brooklyn (or anywhere else)... Better & Stronger!

Homebuyer Tax Credit is Coming Back to Brooklyn (or anywhere else)... Better & Stronger!

Happy days are here again! The United States Homebuyer tax credit has been passed by congress and will be better & stronger than before! Even if you are currently in contract you will be able to take advantage of the tax credit! Even if you are not a first time buyer, you can take advantage of the credit! Plus the income limitations have been raised!

The new and improved tax credit will go into effect the moment that President Obama signs the bill which should happen any day now!

Here is how it works and what you need to know....

For first time buyers the credit will be $8,000.00 ($4,000.00 for married couples filing separately).
A first time buyer is defined as someone who has not had an interest in a principal residence for 3 years prior to the current purchase.
The income limitations have gone up, if you are single with an income not more than $125,000 you qualify for the credit. If you are a married couple with an income of no more than $225,000 you qualify for the loan. If your income is higher than these amounts it will phase out or disappear completely (speak to your accountant if you are not sure). The new income limits will be retroactive once the bill is signed, so if your currently in contract they will apply to you.
It dies not matter when you signed the contract of sale, as long as you close sometime after President Obama signs the bill but before July 1, 2010 you will get the credit. Caution...you have to be in contract by April 30, 2010.
The home you purchase cannot be over $800,000 in price!
NOW HERE THE BETTER AND STRONGER PART...Current homeowners who purchase another property to use as their primary residence will also get a credit of $6,500.00 ($3,250 for married couples filing separately)!! Caution... in order to be eligible for this credit you have to meet the same income restrictions as mentioned above and also the home you must have used the home you sold or are in the process of selling as a principal residence consecutively for 5 of the previous 8 years.

This is fantasgreat news for both homebuyers and sellers. It is sure to spur more activity in the market and provide a boost to our economy as a whole. Remember, if you are currently in contract and close after the bill is signed by President Obama, you will get the credit!

The National Association of Realtors Government Affairs Division has put together some informative news briefs regarding the new homebuyer tax credit bill. You can view them at Changes to the Homebuyer Tax Credit Law and Frequently Asked Questions About the New Bill.

Tell me what you think about the new tax credit. Submit a comment to this blog, I want to hear your feedback and/or thoughts. Thank you.

Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665 Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
Web Site: www.MitchellFeldman.com

© Copyright by Mitchell Feldman. All Rights Reserved. Republication or redistribution of this material is expressly prohibited without prior written consent by Mitchell Feldman. This information is deemed reliable but not 100% guaranteed. Mitchell Feldman is not at attorney and therefore not able to give legal advice. If you are involved in a real estate transaction and have a question, besides speaking to Mitchell, you should also speak to your attorney.

National Association of REALTORS

® Government Affairs Division

Posted by Mitchell S. Feldman on November 06, 2009 at 08:49 pm

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