homebuyer tax credit

In Fall of 2009 Congress passed an expanded version of the $8,000 first time home buyer tax credit that expired November 30th. The tax credit remains at $8,000 for home buyers that have not owned a primary residence in the last three years and it has been expanded to include a $6,500 tax credit for home buyers that have lived in their current primary residence for at least five consecutive years out of the past eight years.

Purchasing a condo in the East College Street project would qualify you for a home buyer tax credit as long as you close on the condo before June 30, 2010 and your contract is signed by April 30, 2010. East College Street residents can meet these qualifications as condos will be ready for move-in as early as May. A number of condo buyers already have signed contracts and qualified for this tax credit.

The income limitation for single tax payers went up from $75,000 under the old rules to $125,000 under the new rules. For married tax payers, the income limitation went up from $150,000 to $225,000.

There are many ways of structuring your condo purchase transaction in ways that maximize the benefits of the credit. Please see this website for more information. and if you have any questions about the credit or how you can qualify for it please contact Sustainable Community Associates.