New First Time Home Buyer Tax Credit!

Posted by Thomas Jackson on Tuesday, September 29th, 2009 at 2:04pm.

New York State Mortgage Credit Certificate Program (MCC) is a new program for first time home buyers. With MCC,  20% of your annual mortgage interest can be converted into a tax credit and deducted from your Federal Income tax.

 

Example with a mortgage of $200,000 and an interest rate of 5.5% the mortgage interest paid in the first year is $10,933. With an MCC, 20% of interest can be converted to a direct tax credit, a savings of $182 per month, $2,186 per year.

 

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1 Response to "New First Time Home Buyer Tax Credit! "

First Time Buyers Opportunities wrote:
Up here in Calgary, Canada we have been watching the US market and it's economic recovery incentives quite carefully. Is this something that is planned to be on-going? Or is this a temporary incentive being offered to revive the real estate market through the downturn?

Posted on Wednesday, October 21st, 2009 at 1:28pm.


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