$8000 Tax Credit For First Time Hoboken Condo Buyers Extended

[hobokencondos]

After much speculation, the $8,000 tax credit for first time home buyers was extended by Congress late last week. Many Hoboken condo buyers have emailed me asking for details on the extension. Here is an overview…
$8,000 Tax Credit for First Time Hoboken Home Buyer

The extension is from December 1, 2009 to April 30, 2010. A home buyer must have a written binding contract to purchase by April 30, 2010 and the buyer would have to close by July 1, 2010.

* Amount of Credit: $8,000 ($4,000 married filing separate)

* Tax Credit Eligibility: May have not had interest in a primary residence for the past 3 years prior to this new purchase.

To read the complete overview of the $8,000 tax credit extension, please visit my Hoboken real estate blog.

[njriverman]

I read there is a tax credit for existing home owners too under new act?

[hobokencondos]

Yes, there is.

* Current Home Owner Credit: This is the biggest change in the extension. If you currently own a home, wish sell your current home & purchase another, the credit is $6,500 ($3,250 married filing separate). You must have used previous home as a principal residence for 5 of the 8 previous years.

* Income Limits: $125,000 for a single, $225,000 for married couple, additional $20,000 phase out.