Tax Credits to be Renewed
Both the House and the Senate have passed an extension and an expansion of the homebuyer’s tax credit. The President is expected to sign the bill Friday. Key provisions of the bill are as follows:
* Tax credit of up to $8000 is extended for first-time homebuyers who are in contract to purchase a home by May 1, 2010 and close by July 1;
* A tax credit is also available to homebuyers who have owned their current homes for at least five years of up to $6,500;
* The credit is available for the purchase of principal residences costing up to $800,000 (the prior tax credit did not set a limit on housing price);
* Income limits for claiming the credit are raised to $125,000 for individuals and $225,000 for couples.
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Patrick Lilly holds a coveted position in the world of New York real estate as not only a top-tier producer in the city, but a sought-after expert in his field who’s been spotlighted in books, the media and seminars. A mainstay in the industry for over 25 years, Patrick has excelled to great heights in his field thanks to his exceptional knowledge of the market, proven flair for successful deals, and strong relationships with clients and peers alike.
November 6th, 2009 at 2:35 pm
This is fantastic news! Thank you for making me aware of this Patrick. Definitely an incentive for me now that I almost have enough money saved up for a down payment…which I might add is equivalent to buying an entire home in any other place other than Manhattan. Why do we do it? Oh yeah, it’s the greatest city in the WORLD!
A Die Hard Transplanted New Yorker