| If you are a first time home buyer how can you | | | | your purchase date. You can use this date when you |
| benefit from this on your tax returns? As a CPA in | | | | are filing your tax returns. |
| New York, I can just tell you that whether you plan to | | | | If you are in the process of buying your home in New |
| build your home or you are ready to move into your | | | | York, you may want to file for first time homebuyer |
| home you will want to get all the benefits of being a | | | | credit for this tax season NY so you can take |
| first time home buyer and receive the credit due to | | | | advantage of the down payment refund. Unfortunately |
| you on your refund. | | | | you cannot take advantage of the credit this year. |
| There is a lot of useful information about owning your | | | | You must finalize the home purchase before you can |
| own home or buying your home for the first time. Here | | | | benefit from the refund. But a New York CPA can |
| are a few simple tips that will help you make the most | | | | help you with the tax preparation New York. |
| of your first time home buyer credit. | | | | If you file for a home credit and was granted it this |
| If you are building your home in Manhattan and you | | | | past year you do not need to pay the credit back |
| plan to occupy it in the next year you will not be able | | | | unless you no longer live in the residence before 36 |
| to claim the first time homebuyer credit to use the | | | | months is up from the day that you purchase the |
| money toward your down payment or building costs. In | | | | home. If this is the case then the full amount of your |
| order to qualify for the first time homebuyer credit you | | | | credit will become due. You need to occupy the home |
| will need to actually purchase the residence. If you are | | | | at least 36 months in order to keep the credit you |
| building the home you will need to have it completed so | | | | were issued. |
| you can move in before you can claim the tax credit. | | | | If you already own your home in New York and you |
| Things can happen and plans do not always fall | | | | are considering buying another one you may wonder if |
| through so that is why you are not allowed to claim | | | | you need to sell your current home in order to qualify |
| this credit until you are actually living in the home. | | | | for the homebuyer tax credit. But as long as you meet |
| If you bought your home early this year and have | | | | the requirements listed you do not need to sell your |
| already filed your last years' tax return New York you | | | | home before you can receive this tax credit. |
| may wonder if you will need to repay the first time | | | | These are just a few of the most important home |
| homebuyer credit. The answer to that is 'no, you don't'. | | | | buyer tips that a lot of people question. If you want to |
| If you qualify for the first time homebuyer credit the | | | | learn ore about home buyer credits then you will want |
| first day that you move into that home is considered | | | | to speak to a CPA New York about them. |