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First Time Home Buyer's and Current Homeowner’s Tax Credit - 2009 and 2010

Great news for first time home buyers... the IRS is offering a big incentive in the form of a tax credit up to $8,000.00 if you enter a binding contract to purchase a new home before May 1, 2010 and close before July 1, 2010. As of new legislature passed in November 2009, this tax credit does not have to be repaid. In order to receive the credit, the home purchased must be your "primary residence." No credit is available if the purchase price of a home is more than $800,000. Congress has also expanded the income limitations on this credit from $75,000 to $125,000 for single tax payers, and $150,000 to $225,000 for married taxpayers filing jointly.

Not to be left out, homeowners who have lived in their homes for at least five years and wish to buy a replacement home after Nov. 6, 2009, or in early 2010 may qualify for a credit of up to $6,500.

Note: 2008 home buyers received a maximum credit of $7,500. If you purchased your home in 2008, then you were requested to repay the tax credit in 15 annual installments, starting the first year after the tax credit was claimed. Parties who took the 2008 credit of $7,500 but would like to take advantage of the new law passed in 2009 stating that the money does not have to be repaid can file an amended tax return to have this rectified.

To obtain more detailed information on the first time home buyer's tax credit, you can contact the Internal Revenue Service at 800-829-1040 or visit http://irs.gov.

First Time Home Buyer's Tax Credit Q&A:

Who qualifies as a first time home buyer?

If you have not owned a home in 3 years or more, then you qualify as a first time home buyer which means you are eligible for the federal tax credit if you purchase a home in 2009 or 2010.

What does "primary residence" mean?

It is important to note that the home must be the purchaser's primary residence; that is, they must be living in it for most of the time. If the home ceases to be your primary place of residence within 36 days of making the purchase, then you must repay the credit amount back to the IRS.

What if I already own a home but intend on purchasing another one as my primary residence?

You are also eligible for the tax credit if you currently own a home that you have used as a primary residence for five consecutive years, and intend to purchase a new home that will serve as your new principal residence. The replacement home must be purchased between November 7, 2009 and April 30, 2010 in order to qualify. The maximum amount of this tax credit is $6,500.00.

What if the home I purchase is to be used as a rental property?

There is currently no tax credit available for a home purchased with the intention of being rented out or resold within a short time frame. As stated, the home must be the primary residence of the owner for a minimum of five years or the credit does not apply.

Does a condo or co-op apartment count as a "home"?

Single-family homes, condos, town homes, co-ops and boat homes all qualify for this tax credit if they were purchased before May 1, 2010 or the closing will take place before July 1, 2010.

What if I'm in the process of purchasing my home - can I claim the tax credit now?

No. The IRS states that the home purchase must have already occurred in order for the buyer to be eligible to receive the tax credit. As soon as you complete the transaction and close on your home, you can contact your financial advisor and let him know that you will be filing for the first time home buyer's tax credit on your 2009 income tax return.

Why are the words "up to" used in the total amounts of the first time and current homeowner's tax credits?

The law is worded as such to let people know that the total amount of their tax credit will actually depend on the price of the home they purchase and the amount of their total income. $8,000 and $6,500 are the MAXIMUM amounts that first time and current homeowners can receive, respectively.

What do I have to do to receive the first time home buyer's tax credit?

First, purchase your new home! East Egg Realty can help. Next, speak to your CPA or other tax preparer to determine if you meet all of the IRS requirements for receiving the tax credit. When it comes time to fill out your yearly income taxes, your tax preparer will ask you to furnish all of the needed information and then go about preparing the forms needed for you to receive your check from the federal government.

Ready to learn more about purchasing a home?

East Egg Realty is here with ongoing support and answers for all of your questions. Talk to one of our experienced real estate professionals today!

Email info@easteggrealty.com or call 1.877.328.9421.

The Benefits of Working with a Buyer's Agent

In this challenging economy, many home buyers pose the question, "Do I really need a buyer's agent?" The general impression is that this person is just another body in the mix who is collecting a check from the seller and is therefore skewed toward the seller's best interests. This may have been the case with "traditional" real estate, but East Egg Realty is a progressive company, offering breakthrough solutions for our clients.

We secure for our clients what is known as an East Egg Buyer's Agent. This means that the buyer's agent is legally bound by a signed contract to negotiate the best deal possible on the home that the buyer will be purchasing.

With New York real estate being such a fast paced and competitive environment, it only makes sense that we have trained experts working their hardest each day to meet the buyer's needs... after all, what is real estate without a satisfied buyer to close on the property?

Our buyers' agents are 100% committed and engaged in the ongoing search for the best possible homes that fit their clients' budget and other requirements.

With an East Egg Buyer's Agent, the Advantage is Clear:

Advanced technology working on your behalf 24-7. With access to "real estate insider's tools", we tap into sophisticated search technology to make your home shopping experience as seamless as possible. This level of precision search capability is simply not available to the average web surfer - but with East Egg supporting you, you've got a distinct advantage over competing home shoppers who may not be working with an agent.

Faster, more accurate home search results. Tell your personal broker exactly what you're looking for as well as your budget and other needs. Your agent will use a combination of advanced technology, quality professional connections, and expert training to secure the ideal situation for you. From the style of home to the number of bedrooms, building amenities, to the heating system, in-ground pool and full-finished basement... we've got your needs covered! Let us comb the market, hand-selecting listings for apartments or homes that meet your exact needs, and eliminating those that don't.

An experienced professional to guide you through the home buying process. Your East Egg buyer's agent is fully trained in real estate sales and will educate you on everything you need to know from the pre-approval process to the difference in condos versus co-ops and everything in between. Your agent can accompany you on visits to prospective homes, handle the contract legwork, and even keep you informed of current property laws and issues that you may be able to use as bargaining tools.

Someone to leverage critical negotiating points. Let your East Egg Realty Buyer's Agent suss out information about the nature of the home sale that may prove critical to you during the negotiation process. For example, if the seller is rushing to close due to a job transfer - this can work in your favor and it is the buyer's agent responsibility to share this information with

their client. Plus studies have confirmed that the use of a Buyer’s Agent can save you money! As more people use a Buyer’s Agent, there's mounting evidence that the traditional way of representation simply doesn't get buyers the best deal. Recent studies focusing on the home purchases of relocating employees found that those who worked with a traditional real estate agent ended up paying about 5% more than those who used a Buyer’s Agent. On a purchase of $500,000, that's $25,000 of the buyer's money that has been wasted.

Inside information on the home's purchase history. Again, this is information is not always available through the "public" internet, but may be accessible through our licensed real estate agents. Learn about a house's past selling price, time on the market, and offers received by competing prospects. "Comp out" the area to comparison shop for similar homes and get the best price possible.

Wondering how a buyer’s agent gets paid. This conversation is a classic chicken-and-egg debate. The fee is a disbursement from the settlement funds with the expense being assigned to the seller. However, let’s remember who brings the bag of money to the closing table? The Buyer. If the buyer is the primary source of funds at the closing table, then there is no need for the buyer to incur any additional expenses. Remember, from a legal standpoint, the source of an agent's fee does not determine whom the agent represents. For example, bank attorneys, who are considered agents, represent the bank not the borrower, however, the borrower pays their fees. It is important for the buyer to understand even though technically you are hiring a representative; the compensation nearly always comes from the transaction itself. The buyer pays no more for the client level services of an East Egg Buyer's Agent than he/she would if using a traditional seller's agent in the purchase of real estate. Furthermore, it stands to reason that one of the agents being paid should represent the buyer exclusively.

East Egg buyer's agents are well connected and well respected. Home inspection agents, attorneys, mortgage officers, insurance associates and even professional movers... these are all important people who you will need to know for the purchase of your new home. Your buyer's agent won't hesitate to refer you to their most trusted contacts, thus saving you time, reducing your anxiety and perhaps even saving you a few thousand more than you would have otherwise.

Note: With the increase in For Sale By Owner properties in Manhattan and Long Island, it's more important than ever to have a qualified Buyer's Broker lobbying on your behalf. Particularly if you're a first-time buyer, your East Egg buyer's broker can put your mind at ease and make your home shopping experience as pleasant and rewarding as possible!

Want to Know More? East Egg can Help!

Working with an East Egg Buyer's Broker can make such a drastic difference in the success and expedience of your home purchase. To learn more about how we can assist you in purchasing your new home, contact info@easteggrealty.com or call us at 1.877.328.9421 today.

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