Eligible for $8,000 Homebuyer Tax Credit?

Besides lower selling prices, another big incentive to buy an apartment in 2009 is the new $8,000 tax credit for first-time homebuyers. But, given the tight income restrictions, the tax credit will likely not help too many new Manhattan homebuyers.

To qualify, the purchase has to be made between January 1st, 2009 and before November 30th, 2009 and you have to stay in your home for three years. This is a refundable tax credit, and it’s phased out for individuals with adjusted gross income of $75,000 or higher or couples with adjusted gross income of $150,000 or higher.