Brooklyn First Time Home Buyers – Don’t Forget Your Tax Credit
Wednesday, December 10th, 2008If you’re a first-time home-buyer, and you purchased a home after April 9, 2008, don’t forget to claim your First-time Home-buyer Tax Credit on your 2008 tax return.
Thanks to the Housing and Economic Recovery Act of 2008, any first-time single-family house, condo 
or co-op buyer can claim 10% of the cost of her home, not to exceed $7500, on her tax return. To qualify, you (or your spouse) cannot have owned a principal residence in the 3 years previous to the purchase.
The full amount of the credit is available to individuals with an adjusted gross income of no more then $75,000, and for anyone filing a joint return with an adjusted gross income of not more then $150,000.
To be sure you get the full credit you’re entitled to, consult with your tax professional.
And here is some good news for anyone thinking about buying their first home, the First-time Home-buyer Tax Credit does not expire until July 1 2009, so its not too late. Get out there a buy before that date, and you too can take advantage of the $7500 tax credit!
