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Kate, Home Seller in Williamsville, NY

Recapture Tax

Asked by Kate, Williamsville, NY Mon Dec 8, 2008

I purchased a home 4 years ago with a federally subsidized loan program (SONYMA). Since then I have married. My husband purchased a home before we were married as well. I am ready to sell my condo and move into his home, but are facing a recapture tax on the loan because our combined incomes put us over the adjusted gross income limit. My income alone is far below the 72,000 cut off. My husband has never paid for my condo, owns his own home (and spends most of his time there working) and has never made my condo his home address. It doesn't seem right that I have to pay a recapture tax that I would not have to pay if I did not get married. There must be someone out there who has some experience with this problem. Please help!!!

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These's more yet! Read ALL of your SONYMA paperwork. There usually is a minimum amount of time that you must keep the loan for (I think 7 yrs) otherwise when you sell, you may have to pay a pro-rated portion of the balance back. It all depends on the type of SONYMA loan you have. This is a confidential matter and I suggest that you call me direct to discuss this and not on an open forum. If you live in the Williamsville area I am sure you have heard of me and know that I do a lot of business in that area, especially condos & townhouses.
Joe Sorrentino
MJ Peterson Real Estate
716-998-5637 direct
Office: 716-568-0355
0 votes Thank Flag Link Mon Dec 8, 2008
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