Current News and Update: First Time Home Buyer Tax Credit |
 | Amount of credit: 10% of cost of home, not to exceed $ 7,500. This is calculated | |
| per property not per individual. | ||
| Eligible properties: Any single-family home ( incl. Condos and co-ops) that will be | |
| used as a principal residence. | ||
| Refundable: The tax credit reduces income tax liability for the year of purchase and | |
| can be claimed on tax return for that tax year. | ||
| Income Limit: Full amount of credit may be available for individuals with adjusted | |
| gross income of no more than $ 75,000 ($150,000 on a joint return). Credit phases out above those caps (at $ 95,000 and $ 170,000, respectively). | ||
| First Time Homebuyers only: Purchaser (and Purchasers spouse) must both be | |
| first-time buyers and both may not have owned a principal residence in the three years prior to purchase. | ||
| Recapture: A portion of the credit (1/15th) must be repaid each year for 15 years. If | |
| the home is sold before the 15 years, then the remainder of the credit is recaptured upon the sale. | ||
| Effective date: Applies to purchases closed on or after April 9, 2008, and on or | |
| before June 30, 2009. |
Central New York Home Options offers a one stop home source for
our clients (current and future home purchasers) in Wayne, Onondaga,
Oswego, Ontario, Seneca, Cayuga, Cortland and many other surrounding
counties.
Welcome to our website, see what we offer, call with questions, and thank
you for stopping in.
our clients (current and future home purchasers) in Wayne, Onondaga,
Oswego, Ontario, Seneca, Cayuga, Cortland and many other surrounding
counties.
Welcome to our website, see what we offer, call with questions, and thank
you for stopping in.
| Our PREMIER suppliers offer: Custom Homes in: conventional 2x construction conventional 2x PLUS Log Siding Full Log construction Timber Frame with SIPS Panels Modular Homes Existing Homes for sale on the market |
Central New York Home Options
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