Below is some information I found on the Tax Credit from the National Association Of Realtors. If you would like to learn more about the tax credit, please call your local tax accountant to explain the benifits of the tax credit to first time home buyers.
If you are in the market to buy or sell a home in Lincoln County, Gaston County or Cleveland County, please do not hesitate to give me a call or email.
The bill provides for a $8,000 tax credit that would be available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009. The credit does not require repayment. Most of the mechanics of the credit will be the same as under the 2008 rules: the credit will be claimed on a tax return to reduce the purchaser's income tax liability. If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser.
FIRST-TIME HOMEBUYER TAX CREDIT
As Modified in the American Recovery and Reinvestment Act
Major Modifications Italicized
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February 2009 FEATURE
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CREDIT AS CREATED JULY 2008
APPLIES TO ALL QUALIFIED PURCHASES ON OR AFTER APRIL 9, 2008
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REVISED CREDIT -
EFFECTIVE FOR PURCHASES ON OR AFTER JANUARY 1, 2009 AND BEFORE DECEMBER 1, 2009
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Amount of Credit
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Lesser of 10 percent of cost of home or $7500
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Maximum credit amount increased to $8000
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Eligible Property
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Any single family residence (including condos, co-ops, townhouses) that will be used as a principal residence.
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No change
All principal residences eligible.
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Refundable
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Yes. Reduces (or can eliminate) income tax liability for the year of purchase. Any unused amount of tax credit refunded to purchaser.
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No change
Purchasers will continue to receive refund for unused amount when tax return is filed.
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Income Limit
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Yes. Full amount of credit available for individuals with adjusted gross income of no more than $75,000 ($150,000 on a joint return). Phases out above those caps ($95,000 and $170,000).
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No change
Same income limits continue to apply.
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First-time Homebuyer Only
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Yes. Purchaser (and purchaser's spouse) may not have owned a principal residence in 3 years previous to purchase.
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No change
Still available for first-time purchasers only. Three-year rule continues to apply.
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Revenue Bond Financing
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No credit allowed if home financed with state/local bond funding.
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Purchasers who utilize revenue bond financing can use credit.
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Repayment
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Yes. Portion (6.67% of credit or $500) to be repaid each year for 15 years, starting with 2010 tax filing.
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No repayment for purchases on or after January 1, 2009 and before December 1, 2009
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Recapture
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If home sold before 15-year repayment period ends, then outstanding balance of repayment amount recaptured on sale.
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If home is sold within three years of purchase, entire amount of credit is recaptured on sale. Applies only to homes purchased in 2009.
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Termination
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July 1, 2009
(But note program changes for 2009)
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December 1, 2009
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Effective Date
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Purchases on or after April 9, 2008 and before January 1, 2009. Repayment to begin for 2010 tax year.
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All revisions are effective as of January 1, 2009
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Contact Lisa Borders, Realtor®, RE/MAX Crossroads Licensed Realtor® in the State of NC at 704-477-8592 to list your property for sale or to purchase a property in Lincoln County NC, Gaston County NC or Cleveland County NC. If you're thinking about buying a home in Lincoln County NC there are plenty of great buys in today's market and now is one of the best times to buy while interest rates remain low. For more information on Lincoln County NC real estate homes or condos, see Lincoln County NC Real Estate or sign up today to get access the hottest new listings here Lincoln County NC.
To keep up to date on the current state of the Lincoln County NC Real Estate & other information about Lincoln County, visit online at www.lisaborders.remax.com
Lincoln County NC REALTOR selling Real Estate in Lincoln County NC. Lisa Borders - selling Lincoln County Real Estate with RE/MAX Crossroads in Lincolnton, NC. Whether you are looking to buy or sell a home or both I am the Real Estate Agent you want and need. You can call or email me at remaxcrossroads@bellsouth.net or 704-477-8592 cell and office 704-736-1717. "Lisa Sells Lincolnton" Follow me on Twitter
Contact Lisa Borders, Realtor®, RE/MAX Crossroads Licensed Realtor® in the State of NC at 704-477-8592 to list your property for sale or to purchase real estate in Lincolnton NC, Gaston County NC or Cleveland County NC. If you're thinking about buying a home in Lincoln County NC there are plenty of great buys in today's market and now is one of the best times to buy while interest rates remain low. For more information on Lincoln County NC real estate homes or condos, see Lincoln County NC Real Estate or sign up today to get access the hottest new listings here Lincoln County NC. To keep up to date on the current state of the Lincoln County NC Real Estate & other information about Lincoln County, visit online at www.lisaborders.remax.com Lincoln County NC REALTOR selling Real Estate in Lincoln County NC. Lisa Borders - selling Lincoln County Real Estate with RE/MAX Crossroads in Lincolnton, NC. Whether you are looking to buy or sell a home or both I am the Real Estate Agent you want and need. You can call or email me at remaxcrossroads@bellsouth.net or 704-477-8592 cell and office 704-736-1717. "Lisa Sells Lincolnton" Follow me on Twitter.
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