Tax Credit- Phase 3 Details

$8,000 First-time Home Buyer Tax Credit at a Glance

* The $8,000 tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.

* The tax credit does not have to be repaid.

* The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.

* The tax credit applies only to homes priced at $800,000 or less.

* The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.

* For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.

* For homes purchased after November 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

The $6,500 Move-Up / Repeat Home Buyer Tax Credit at a Glance

* To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.

* The tax credit does not have to be repaid.

* The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $6,500.

* The tax credit applies only to homes priced at $800,000 or less.

* The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, the home purchase qualifies provided it is completed by June 30, 2010.

* Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

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Alert Name: Mortgage NYT
November 11, 2009 Compiled: 12:52 AM

BUSINESS / GLOBAL BUSINESS

In her first policy speech since being sworn in for a second term, Chancellor Angela Merkel warned that the worst effects of the global financial crisis would hit Germany next year.

BUSINESS

American Wages.

BUSINESS

After a slow start, the Obama administration’s mortgage relief program has reached one in five eligible homeowners, a government report said.

BUSINESS

As the Federal Reserve has come under scrutiny, Ben S. Bernanke, its chairman, is nurturing political ties as never before.

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November 11, 2009 Compiled: 12:52 AM

REAL ESTATE / COMMERCIAL

Providence, R.I. is freeing up 39 acres by moving the old I-195 highway, 20 of which will be marketed for development.

GREATHOMES AND DESTINATIONS

A modern home in Burien, Wash., a three-bedroom house near downtown Lynchburg, Va., and a home in Albuquerque.

GREATHOMES AND DESTINATIONS

Roman Rutkowski’s home is a rectangular bunker with an unpainted all-wood exterior, and an even plainer interior.

GREATHOMES AND DESTINATIONS

Foreigners are not restricted from owning property in South Africa, but in general the maximum amount of financing they can get is 50 percent.

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November 11, 2009 Compiled: 12:53 AM

OPINION

The bankers who took government money and then gave out obscene bonuses are the same self-interested sorts Jesus threw out of the temple.

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November 10, 2009 Compiled: 12:55 AM

NEW YORK REGION

Felicia Fields brought her niece and nephew into a tiny two-bedroom space she already shared by her three children and her fianc�.

NEW YORK REGION

After three died on Saturday in illegal apartments, building inspectors found eight more illegal units next door in Woodside.

BUSINESS / MEDIA & ADVERTISING

The home and redecorating magazine will cease publication with its December issue, Hachette Filipacchi Media said.

BUSINESS / GLOBAL BUSINESS

The city-state’s central bank warned that measures could be needed to curb the risk of speculation in the country’s property market, which has been bolstered by low borrowing costs.

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November 9, 2009 Compiled: 1:13 AM

BUSINESS

The acting U.S. attorney for Manhattan stepped down when the Senate confirmed President Obama’s nominee for the post, Preet Bharara.

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November 9, 2009 Compiled: 12:46 AM

INTERNATIONAL / EUROPE

The Soviet government’s land monopoly may have ended some two decades ago, but the ability of the authorities to give and take away territory has not, real estate experts say.

BUSINESS

Mr. Heyman stood out as a corporate raider who preferred to hold on to companies he bought and run them rather that sell them for a quick profit.

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November 9, 2009 Compiled: 12:46 AM

BUSINESS / GLOBAL BUSINESS

Prime Minister Manmohan Singh pledged Sunday to spend more on health care and education and make it easier for foreign investors to take part in India’s $1.2 trillion economy.

BUSINESS / ECONOMY

The chief executive of Wells Fargo might have a hard time of paying back the Troubled Asset Relief Program investment while avoiding damage to his shareholders.

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November 8, 2009 Compiled: 1:17 AM

WEEK IN REVIEW

Maybe it’s time to rethink the business cycle. It no longer predicts when — or if — jobs will return.

REAL ESTATE / COMMERCIAL

Mr. Michaels is the chairman and chief executive of the Carlton Group, a real estate investment bank that specializes in equity and debt placement.

BUSINESS / GLOBAL BUSINESS

Gordon Brown of Britain told G-20 finance ministers that the world needed a system to force banks, not taxpayers, to cover future bailouts.

BUSINESS

In the recent downturn, Ruby Tuesday has tried to trade up. When people start to dine out again, the founder wants them to find his chain transformed.

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November 8, 2009 Compiled: 1:17 AM

US

Years after the frontier town of Unalaska picked itself up off the barroom floor, residents fear a shelter would once again invite the wrong kinds of neighbors.

STYLE / T MAGAZINE

STYLE / T MAGAZINE

The extended family is a wonderful thing, but so is privacy. It’s not easy to balance the two when designing a house, particularly if you don’t have the land or budget, or both, to build a compound. But with ingenuity and a little luck, even a modest house on a small site can accommodate three generations with breathing room to spare.

REAL ESTATE

To spur international investors, some real estate companies have started marketing a service that brokers have long provided informally.

REAL ESTATE

Progress is being made in converting Newark’s empty lots and abandoned buildings into new housing, despite a crushing recession.

REAL ESTATE

The federal government is poised to enact rules to combat discrimination on loans backed by the Federal Housing Administration.

REAL ESTATE

For those who crave a historic house — along with all the charms and challenges it can entail — there are a few other architectural gems to be found across the Island.

REAL ESTATE

About 40 percent of Croton-on-Hudson is set aside as parkland, and the area is known for its rivers.

REAL ESTATE

Sturgis Warner, a theater director, uses contraptions he built to make the most of his space in a fifth-floor walk-up in the East Village.

REAL ESTATE

Joseph A. Olshefski, who spent much of his adult life at 313 East 58th, is now acting as the broker for the owner, who is selling it.

REAL ESTATE

One Madison Park, the soaring 600-foot glass condominium that towers over East 23rd Street, opened to its first residents in August, but since then only five buyers have closed, according to city records.

REAL ESTATE

Prospect-Lefferts Gardens may be uncool and unhyped, but that's fine for Dan Schreiber and Caroline Jeanjot.