Tax Credit - Buying a Home

$8,000 Tax Credit Now Available

First Time Homebuyers and Others Qualify

The "American Recovery and Reinvestment Act of 2009," passed the House and Senate on Friday, February 13, 2009 and was signed into law by President Obama on February 16, 2009. 

An $8,000 tax credit (NOT a loan) is now available to many homebuyers.

Quick Facts - Homebuyer Tax Credit

 - Homebuyer must be a first time homebuyer OR have not owned a home for the past 3 years  

- Purchase must be for a principle residence (no investment homes)

- Home must be purchased on or after January 1, 2009

- Does not require repayment as long as homebuyer stays in the home at least 3 years. 

- Applies towards single family detached homes, condos, and townhomes.

- Income cannot be greater than $75,000 yearly for a single buyer, or $150,000 yearly for a married couple.

- Credit is for $8,000 or 10% of purchase price, whichever is less.

The credit is only available for a limited time.   

First Time Homebuyers $8000 Tax Credit - Q&A InformationWhat Does a Tax Credit Mean?

The credit reduces your tax liability, that is, the amount of taxes you are required to pay. Depending on your tax withholdings, you could get a bigger refund or owe less in taxes when you file.

For example:

If your total tax bill is $5000, you've withheld $4,000 throughout the year, and you qualify for the $8,000 tax credit, this is how your tax return might look.

$4,000 paid

-$5,000 owed

Owes $1,000.

Claim $8,000 tax credit.

Refund of $7,000. 

In this case, the new homeowner would receive a check of $7,000 from the IRS after filing.

Read all the details of the bill here - most of the pertinent information is on page 24.  http://thomas.loc.gov/home/h1/Recovery_Bill_Div_B.pdf

 

Request a First Time Homebuyer Packet - Raleigh/Triangle Area

 

You may also be interested in:

Wake County New Home Communities

Wake County NC New Homes

Wake County NC Property Tax Rates 2011

Raleigh NC New Home Builders

 

Build On Your Lot in Raleigh, NC

 

Accessible Homes NC – Accessible Builders in Raleigh

 

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Finding Your New Home in the Raleigh Area 

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Call 919-278-8070 or visit www.StantonHomes.com to find out more about new homes in the Raleigh area today. 

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Articles copyright Stanton Homes 2006-2012.  Unauthorized use is not permitted.  Provided for informational purposes only, no claims are made by Stanton Homes regarding the validity of any statements.  Please note:  all listing information per MLS, and current as of posting date.  Information subject to change.  Stanton Homes does not make claims to ownership of  any lot listings, but can work with homebuyers to purchase available lots and build.  Home plans to be approved on an individual basis, subject to neighborhood restrictive covenants and lot restrictions.  Ask for further information regarding any community, lot or floor plan.  Photos represent typical homes and details of each neighborhood, to help highlight different options available in the Raleigh/Triangle area.  No claim of ownership is made to homes or land pictured.  

 
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4 Comments on $8,000 Available to First Time Homebuyers - Tax Credit Helps Homeowners

FEB
20
2009
222,909 Points 6 Featured Posts

Great info Penny! You explained this bill well. May I reblog it?

have a great weekend!
8:23am • #1
FEB
23
2009
474,379 Points 15 Featured Posts Outside Blog Called Shot Master

Linda - of course!  Glad to help.
6:31am • #2
Outside Blog

This is a great post. Thanks so much.
7:00am • #3
FEB
24
2009
710,875 Points 2 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Linda:  I just reblogged your post, but I didn't do it properly and now I don't know how to fix it!
7:29am • #4

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