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Keller Williams City Life Realty

$8,000 Tax Credit for Hoboken Real Estate Buyers

maxwell-place-15Time is running out for 1st time Hoboken real estate buyers to take advantage of the $8,000 tax credit enacted by the US Congress. The deadline for purchasing is December 1, 2009. You must close and transfer title before December 1, 2009 to be eligible. Here are some additional frequently asked questions that Hoboken real estate buyers may have about the tax credit before purchasing.

The Tax Credit Overview for Hoboken 1st Time Home Buyers

  1. Who is eligible? A first time home buyer who has not owned a principal residence during the three year period prior to the purchase. For married couples, the law will look at the home ownership history for both the home buyer and their spouse.
  2. How exactly does this tax credit work? Every dollar of the tax credit reduces income taxes by a dollar.
  3. What are the income restrictions? Single individuals filing Form 1040 are eligible for the tax credit if their income does not exceed $75,000. Married couples qualify for the tax credit if their combined income does not exceed $150,000.
  4. Do I have to repay the 2009 tax credit? No. There are no prepayments of the 2009 tax credit.
  5. Will I ever have to repay any of the credit back? Yes. If you claim the credit and sell your property within 3 years of the date of purchase , you will be required to repay the full amount of any tax credit, including any refund you received from it.

If you have any additional questions about the $8,000 tax credit and your Hoboken real estate purchase, please feel free to contact me. I’ll be happy to assist.

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About Walter Burns

Walter Burns is a licensed New Jersey Realtor since 2002 and he specializes in luxury living in the hottest New York Metro area communities including the prestigious New Jersey Hudson River waterfront areas of Hoboken, Jersey City, Bayonne, Union City, Weehawken, West New York, Guttenberg, North Bergen, Cliffside Park, Edgewater, and Fort Lee. Walter's mission, desire, and goal is to assist all parties in accomplishing their real estate goals, as well as to empower his clients through exceptional service, creating extraordinary results. Having been mentored by several of the top 100 Realtors and Developers in the United States and Canada, he graduated from Rowan University and currently resides in Hoboken. Walter is part of Keller Williams City Life Realty. NJAR Circle of Excellence Sales Award, 2009-2018. Google

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