MAKE YOUR MOVE

August 26th, 2009

ALERT: The New York State housing market posted sales gains for the third consecutive month with an 11-percent increase in closed sales of existing single-family homes in May compared to April, according to data accumulated by the NYS Association of REALTORS®. 

Buyers have to close on their homes no later than November 30, 2009, to take advantage of the first-time buyers tax credit authorized in the American Recovery and Reinvestment Act of 2009.   Consult now with your tax advisor and Don Kingsley Real Estate to get moving!

Most first-time buyers (who haven’t owned a home in three years) will qualify.  If you’re married, you and your spouse must both satisfy this description. 

There are income limits for claiming the credit of up to 10% of the home’s purchase price, which maxes out at $8,000.  If your modified adjusted gross income (on IRS Form 1040, line 37) is less than $75,000 for individuals or $150,000 for married filing jointly, you can claim the maximum credit.  For incomes up to $95,000 or $170,000 respectively, the credit is reduced.

This is not a tax “deduction,” but a tax “credit,” meaning that the amount you claim is reduced from your total tax bill!  If you will owe less than $8,000 on your 2009 return, you’ll get a REFUND from the IRS for the difference!  I urge you to take this money from the government and make your move before December!

Call a REALTOR® from Don Kingsley Real Estate, today, to begin your home search!  If you prefer, email me at donkingsley@kingsleyrealestate.com and I’ll help get you on the road to homeownership!

Entry Filed under: Buying A Home, Financing, Real Estate Tips