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Is a Co-Op shareholder a homeowner?

Started by sniper
over 17 years ago
Posts: 1069
Member since: Dec 2008
Discussion about
When it comes to the $8000 tax credit for first time homebuyers where does a co-op owner fit in? What criteria are being used to determine home owner? If I sell my co-op and decide to buy a home do I qualify as a 1st time home buyer? Wasn't I really just a shareholder in a corporation?
Response by Squid
over 17 years ago
Posts: 1399
Member since: Sep 2008

That would be nice, wouldn't it? But, unfortunately, no. Your co-op is considered a 'home' (for example, as a co-op owner you've probably received the STAR exemption, right?).

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Response by sniper
over 17 years ago
Posts: 1069
Member since: Dec 2008

i suppose i did.

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Response by anonymous
over 17 years ago

If you could afford a co-op you probably are over the $75,000 income limit...

No one in NY is cashing that $8000 tax credit because of the income restraints....since banks are requiring those income levels to receive mortgages...

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Response by patient09
over 17 years ago
Posts: 1571
Member since: Nov 2008

Just another example of the new Washington doing whatever it can to fuck New Yorkers.

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Response by sniper
over 17 years ago
Posts: 1069
Member since: Dec 2008

i didn't know the income limit. honestly, i don't know any of the details. someone asked me if i qualified because of the "shares" thing so i figured i would find out. thanks for the help.

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