Well, as many had hoped, the First Time Home Buyer Tax Credit has been extended until April 30, 2010!
To recap what the credit is, it is a dollar-for-dollar reduction in what a taxpayer owes in taxes. For example, if you owe $8,000 in income taxes and you are eligible for the full $8,000 home buyer’s tax credit, you would owe absolutely nothing in federal taxes.
Its still a great time to buy. Interest rates are still low and housing prices in Brooklyn are either flat are have risen slightly. If you are looking to buy a house, condo or coop, give me a call and let me help you take advantage of the free money the tax credit represents.
