The First Time Home-Buyer Tax Credit!!! #2
How do you calculate the new tax credit?
Basically the Tax Credit that you can receive is determined by the price of the purchase and your income. If the purchase price is under $80,000.00 and you are single with an adjusted gross income of up $75,000.00 you will receive up to 10% of the sale price. If you are married filing jointly you income can go up to $150,000.00 and still get the credit. An example would be if the purchase price is $45,000.00 and you meet the income requirement you will receive $4,500.00. If your purchase price is $80,001.00 and meet the income requirements you will receive $8,000.00. If the purchase price $350,000.00 you will receive the same $8,000.00 credit.
If you income is more than $75,000.00 for a single person but not above $95,000.00 your credit will be reduced proportionally. The same goes for married filing jointly if your income is above $150,000.00 but under $170,000.00 again it will be reduced proportionally.
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Thomas Santore
Associate Broker
Coldwell Banker
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Westchester County Real Estate
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The First Time Homebuyer Tax Credit!!!
