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Charlotte NC Home Buyers--IRS Issues Documentation Rules for Home Buyer Tax Credit
Charlotte NC Home Buyers—IRS Issues Documentation Rules for Home Buyer Tax Credit
Are you thinking of taking advantage of the Home Buyer Tax Credit in 2010?  If so, you need to know the eligibility requirements and deadlines for the program.  In addition, the IRS has issued new rules requiring certain documentation to be submitted with your request for the tax credit. 
What do Charlotte NC home buyers need to know about the home buyer tax credit and the new documentation requirements?
Who qualifies?
A first time home buyer is someone who has not owned a principal residence during the three years prior to the date of purchase. A repeat buyer is someone who purchases a home to use as a principal residence after living in their current residence for at least five consecutive years in the past eight years. What is the amount of the tax credit?
First time home buyers may get ten percent of the cost of the home up to $8000. Repeat home buyers may get ten percent of the cost of the home up to $6500. What are the deadlines?
The home must be under contract by April 30, 2010 and close no later than June 30, ... more

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