Home Tax Credit Question
Hi, Can anyone tell me where I can find out more information about this Home Tax Credit the government is offering that Expires April 30th? I’m trying to figure out if it applies to buying an apartment in Brooklyn and what’s the criteria for getting one.
Hi, Can anyone tell me where I can find out more information about this Home Tax Credit the government is offering that Expires April 30th? I’m trying to figure out if it applies to buying an apartment in Brooklyn and what’s the criteria for getting one.
Also, you have to be careful because there is an income limit, as well as a limit on the house price. For an apartment, you might not have as much problem staying under the price ceiling, but if you’re looking to buy a brownstone, chances are you will blow the limit.
The tax credit applies to first time home buyers with a purchase price of $80,000. It includes coops/condos. You can get more info at http://www.federalhousingtaxcredit.com/glance
Don’t quote me on this, but you need to have a signed contract to purchase by April 30th and need to close by June 30th. Additionally, you need to be a “new homeowner”, meaning you can’t have owned a home in the previous time period (three years I believe?)
-matthew