Search results matching tag 'tax credit'

New Income Thresholds for STAR Exemptions in 2011

248906 — Thu, 16 Dec 2010 17:58:00 GMT

New York State's School Tax Relief (STAR) Program provides property tax exemptions (also known as homestead exemptions) for New York homeowners. Starting in 2011, Basic STAR is available to anyone who owns and lives in his or her own home and earns less than $500,000. Previosuly Basic STAR had no income requirements. Enhanced STAR is available to senior homeowners whose incomes do not exceed $79,050.

Basic STAR works by exempting the first $30,000 of the full value of a home from school taxes. Enhanced STAR provides an increased benefit for the primary residences of senior citizens (age 65 and older) with qualifying incomes. For qualifying seniors, Enhanced STAR exempts the first $60,100 of the full value of their home from school taxes.

Dealines for STAR exemption applications are set by the local manucipalities so call your local assessor's office. You can download the application from the link below. If you need help ... AskRey.

Source: http://www.orps.state.ny.us/star/index.cfm

Tax Credit Deadline Extension Passed Senate now headed to the President

248906 — Thu, 01 Jul 2010 13:20:00 GMT

After a close brush with the deadline, Congress has passed an extension of the Homebuyer Tax Credit closing deadline, the Homebuyer Assistance and Improvement Act (H.R. 5623). The extension applies only to transactions that have ratified contracts in place as of April 30, 2010 that have not yet closed. The legislation is designed to create a seamless extension and the new closing deadline for eligible transactions is now September 30, 2010. There will be no gap between June 30 and the date the President signs the bill into law.

Homebuyer Tax Credit Changes in 2010

248906 — Mon, 07 Dec 2009 00:29:00 GMT

Obama signs bill in November extending and expanding the $8000 first time home buyers tax credit. The modifications in the column labeled “December 1,2009 – April 30, 2010” became effective Nov 6, 2009. Here is an outline of the changes.
FEATURE	Jan 1, 2009 – November 30, 2009	December 1, 2009 – April 30, 2010
	Rules Enacted Feb 2009	Rules Enacted November 2009
First-time Buyer Amount of Credit	$8000 ($4000 married filing separate)	$8000 ($4000 married filing separate)
First-time Buyer Definition for Eligibility	May not have had an interest in a principal residence for 3 years prior to purchase	Same
Current Homeowner Amount of Credit	No Provision	$6500 ($3250 married filing separate)
Effective Date Current Owner	No Provision	7-Nov-09
Current Homeowner – Definition for Eligibility	No Provision	Must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years
Termination of Credit	Purchases after November 30, 2009. (Becomes April 30, 2010 on Date of Enactment.)	Purchases after April 30, 2010
Binding Contract Rule	None	So long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.
Income Limits (Note: Increased income limits are effective as of date of enactment of bill)	$75,000 – single, $150,000 – married, Additional $20,000 phase out	$125,000 – single, $225,000 – married, Additional $20,000 phase out
Limitation on Cost of Purchased Home	None	$8000 November 7, 2009
Purchase by a Dependent	No Provision	Ineligible November 7, 2009
Anti-fraud Rule	None	Purchaser must attach documentation of purchase to tax return

Source: National Association of Realtors

New York State Offers Mortgage Credit Certificates (MCC)

248906 — Tue, 08 Sep 2009 03:13:00 GMT

This guy has been getting a lot of flack lately. Most of it unjustified. However you Empire state home buyers should be giving Gov. Patterson a standing ovation for creating the NYS Mortgage Credit Certificate (MCC). It allows first time home buyers to claim a tax credit equal to 20% of your annual mortgage interest costs.

Most of you are aware of the $8000 Federal government’s tax credit which expires November 30th of this year. Gov. Patterson decided to keep the party going with the MCC, because it gives you a tax break even after the federal credit expires.

The MCC allows first time home buyers to deduct, dollar for dollar, 20% of the amount paid in mortgage interest from your federal tax return. According to the state, in the 1st year of ownership, a new owner with a $150,000 loan at 5.5% interest rate will likely pay $8,200 in interest. The MCC allows you to claim 20% or $1,640 as a direct tax credit. That’s $137 per month in savings.

New homebuyers should apply for the MCC when you apply for your mortgage from your lender. SONYMA will administer the program and more details can be found at http://www.nyhomes.org.

Buyers can still get the $8000 federal tax credit if you close before Nov 30th of this year. MCC applications should be ready by the middle of September 2009. Also buyers who already have commitment letters should be able to apply to their lenders for the MCC before closing.
Time is a tickin, so if you haven’t found your dream home yet…AskRey.