Via Debe Maxwell, Realtor® - Charlotte NC MLS - Charlotte NC Neighborhoods (Helen Adams Realty):

Federal Tax Credit Extended - What You as a Buyer Need to Know

$8000 Federal Tax CreditTax Credits are available for both first time home buyers as well as those purchasing primary residences who have owned a home for 5 of the last 10 years. Condos, townhomes and single family homes apply and the maximum purchase price is $800,000.  Two income caps have been set:

  • If an individual makes $125,000 or higher, they will not be eligible.
  • If a couple's joint income is $225,000 or higher, they will not be eligible.


The federal tax credit application form can be found here (IRS form 5405).  

Here's a quick video version of the new federal tax credit explanation as well. (Scroll to the bottom of the web page to view the video).

This new bill is going to cost $10 billion just for the home buyer tax credit.  Here's a more detailed version of the explanation of the extended $8,000 and $6,500 federal tax credit:

 

 

Debe in Charlotte   

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Disclosure of material contained within.

 

Tax Credit Bill Signed, Sealed and Delivered
02/10/2010
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Via Debe Maxwell, Realtor® - Charlotte NC MLS - Charlotte NC Neighborhoods (Helen Adams Realty) : Tax Credit Bill Signed, Sealed and Delivered On Friday, November 6, 2009, President Obama signed a bill which will extend the $8000 tax credit for.. more
 

Bjoern Priske

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