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8,000 Reasons To Buy A House Now!
First Time Homebuyers Tax Credit
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Homebuyer Credit Expanded and Extended
The Worker, Homeownership and Business Assistance Act of 2009, signed into law on Nov. 6, 2009, extends and expands the first-time homebuyer credit allowed by previous Acts.
Under the new law, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2010 and close on the home by June 30, 2010. For qualifying purchases in 2010, taxpayers have the option of claiming the credit on either their 2009 or 2010 return.
The new law also:
Members of the military, Foreign Service and intelligence community serving outside the U.S. should also be aware of new benefits in the law that apply particularly to them.
Following is general information for first-time homebuyers who settled on a new home on or before Nov. 6, 2009.
For 2008 Home Purchases
The Housing and Economic Recovery Act of 2008 established a tax credit for first-time homebuyers that can be worth up to $7,500. For homes purchased in 2008, the credit is similar to a no-interest loan and must be repaid in 15 equal, annual installments beginning with the 2010 income tax year.
For 2009 Home Purchases
The American Recovery and Reinvestment Act of 2009 expanded the first-time homebuyer credit by increasing the credit amount to $8,000 for purchases made in 2009 before Dec. 1. However, the new Worker, Homeownership and Business Assistance Act of 2009 has extended the deadline. Now, taxpayers who have a binding contract to purchase a home before May 1, 2010, are eligible for the credit. Buyers must close on the home before July 1, 2010. [Added Nov. 12, 2009]
For home purchased in 2009, the credit does not have to be paid back unless the home ceases to be the taxpayer's main residence within a three-year period following the purchase.
First-time homebuyers who purchase a home in 2009 can claim the credit on either a 2008 tax return, due April 15, 2009, or a 2009 tax return, due April 15, 2010. The credit may not be claimed before the closing date. But, if the closing occurs after April 15, 2009, a taxpayer can still claim it on a 2008 tax return by requesting an extension of time to file or by filing an amended return.
Homebuyers who purchased a home in 2008, 2009 or 2010 may be able to take advantage of the first-time homebuyer credit. The credit:
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Applies only to homes used as a taxpayer's principal residence.
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Reduces a taxpayer's tax bill or increases his or her refund, dollar for dollar.
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Is fully refundable, meaning the credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax owed.
The credit is claimed using Form 5405, which you file with your original or amended tax return. | |
Welcome To Woodstock
One Of The Many Treasures Of The Hudson Valley
A great place to live or escape to on the weekends.
You'll Never Want To Leave!

Thanks for stopping by . . .
I want this website to be your destination for learning all about the Hudson Valley and helping you find a house or land to build on or even buy a business in this area of the Catskills.
Woodstock is where I settled years ago after leaving NYC. The wonderful thing about Ulster County country living is that it's about the beautiful countryside, the proximity to the city and it's just such an easy place to adjust to. There's a lot to love about having a second home in Ulster County.
We have provided you direct access to the MLS for Ulster County to search for properties throughout the county, which includes the towns of:
Woodstock,Saugerties, Shandaken, Shokan, West Shokan, Boiceville, Olive, Olivebridge,Kingston City, Town of Kingston, Ulster, Esopus, Ruby, Glenford, West Hurley, Hurley, Marbletown, Stoneridge, Rosendale, High Falls, Accord, Rochester, New Paltz, Clintondale, Highland, Lloyed, Gardener, Marlboro, Walkill, Warwarsing, Ellenville, Kerhonkson, Big Indian & every little town in between.
You can even access property listings out of the county!
I've provided contact forms so that I can be of help to you - whether you are buying or selling real estate. This will give you the opportunity to let me know what you are planning so I can be of help you - when you're ready.
Let me know if you would like to receive listing alerts - A great service that we provide which will send you listings for properties that are a match or close to what your real estate search criteria is - the minute it comes on the market! (Just when I receive them)
Marcia Weiss
The User Friendly Real Estate Agent
Consider a fresh approach to buying or selling your real estate. If you're interested in working with someone who understands your unique real estate needs contact me:
Marcia Weiss, ABR,CRS
Licensed Associate Broker
845.679.0006 x121
marcia@woodfest.com
www.hudsonvalleycountryhomes.com
Westwood Metes & Bounds Realty, LTD
24 Mill Hill RoadWoodstock, NY 12498
845.679.0006 x121
Be sure & visit our local Chamber of Commerce
Traffic Link
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