STATEN ISLAND TAX CREDIT NEWS

Posted on Updated on

ONLY ONE MONTH LEFT TO QUALITY

DON’T MISS OUT ON THE TAX CREDIT

Last November, the government expanded and extended the new HOMEBUYERS TAX CREDIT.  According to the program, first time homebuyers are eligible for a tax credit of 10% of the purchase price of the home, with a maximum credit of $8,000.  Some current homeowners looking to purchase a home can receive a tax credit up to $6,500!

A buyer needs to be in contract no later that April 30,2010 and must close no later that June 30,2010 to qualify for the credit.

Here’s a brief overview of the HOMEOWNERS TAX CREDIT AND ITS BENEFITS:

          DOLLAR-FOR-DOLLAR BENEFIT

A tax credit is a dollar-for-dollar benefit, rather than a tax deduction.  If a first-time buyer, who qualified for the entire benefit were to owe $8,000 in income taxes, he or she would qualify for a tax credit of $8,000 and owe no income tax!

 A buyer who owes little or nothing at tax time can receive a check for the credit.  For example, if a first time homebuyer is eligible for a tax credit of $8,000 but is liable for $4,000 in income tax, that buyer can still receive a check for the remaining $4,000!!

SINGLE tax filers with earnings of $125,000 or less are eligible for the total credit amount.  Those earning more can receive partial credit.  Single filers with earnings of $145,000 and above are not eligible.   JOINT FILERS with earnings of $225,000 or less are eligible for the total credit amount.  Those who earn more can receive partial credit.  Joint filers with earnings of $245,000 and above are ineligible.

Qualifying buyers may purchase a property with a maximum sales price of $800,00.

If you’re looking to purchase a home, DON’T MISS OUT ON THE TAX CREDIT. 

For information about homes on Staten Island, visit my website or give me a call.  I can be reached at APPLESEED HOMES (718)966-4000.

 

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