Bergen County New Jersey / Real Estate

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on October 03, 2014

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First Time Home Buyers Tax Credit Saved

The Senate has voted last night (11/4) to extend and expand a popular tax credit for homebuyers that was scheduled to expire Nov. 30. The House is expected to schedule a quick vote on the bill as early as today 11/5 as part of a package that also extends unemployment benefits for people out of work more than a year. The White House indicated that the President will sign the legislation. How the homebuyer tax credit would work: · Tax credit: Ten percent of the purchase price of a primary residence, up to a maximum of $8,000 for first-time homebuyers and $6,500 for repeat buyers who purchase between December 1, 2009 and May 1, 2010. First-time homebuyers are defined as people who have not owned a home in the previous three years. Repeat buyers must have owned their current home at least five years. The credit cannot be used for houses costing more than $800,000. · Deadline for qualifying: Purchase agreements must be signed by April 30, 2010, and closings must be final by June 30. · ...

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Rooms are Virtual Staged 80 Sunset St, Dumont NJ 07628 4 Bdrm 2 Full Bath Prominent Properties Sotheby's International Realty of Ridgewood NJ 07450 Robert Wolf / broker Associate 551-206-1163 Cell. 201-639-5555 Office. https://www.sothebysrealty.com/eng/associate/180-a-736-4017583/robert-wolf

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