First-Time Home Buyers Tax Credit News, Dilworth, NC Real Estate - Charlotte Real Estate News

Many of you have heard about the tax credit of up to $8000 for first-time home buyers purchasing a new home.  The American Recovery and Reinvestment Act of 2009 authorizes a tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009. 
 

Things to know about the American Recovery and Reinvestment Act of 2009:

  1.)  Some people are under the impression that they have until the end of the year to purchase a principle residence to be eligible for the tax credit.  This is not the case.  You must purchase your new home on or before November 30, 2009.  If you have yet to begin your home search, I would recommend beginning to look, because time is running out.

  2.)  The term first time home buyer under this Act is defined as a buyer who has not owned a principle residence during the three-year period prior to purchase.  There are a lot of people unaware that they can qualify for the tax credit, because they instinctively think that first time home buyer means someone who has never owned a home before.  If you have not owned a principle residence in the past three years, you qualify and should consider taking advantage of this tax credit.

  3.)  Married couples stipulations.  The first time home buyer qualification is applied to you and your spouse if you are married.  If either of you have owned a home in the past three years, then you cannot qualify for the tax credit.  However, unmarried joint purchasers may allocate the credit amount to any buyer who qualifies as a first-time home buyer. 

  4.)  There are income limits for claiming the tax credit.  The income limit for single taxpayers is $75,000; the limit is $150,000 for married taxpayers filing a joint return. The tax credit amount is reduced for buyers with a modified adjusted gross income (MAGI) of more than $75,000 for single taxpayers and $150,000 for married taxpayers filing a joint return. The phaseout range for the tax credit program is equal to $20,000. That is, the tax credit amount is reduced to zero for taxpayers with MAGI of more than $95,000 (single) or $170,000 (married) and is reduced proportionally for taxpayers with MAGIs between these amounts.
 

 American Recovery and Reinvestment Act of 2009

From 7/15/09 through 8/15/09 Median Price Homes Listed Homes Sold Days On Market Dilworth, NC Monthly Real Estate Statistics $645,000 17 7 137   About the Realtor: Andrew Thigpen - Real Estate Sales Professional.  Specializing in Dilworth area real estate in Charlotte, NC.  My professionalism, expertise, and experience help me to give superior service to my clients.  If you have any questions about the Dilworth area, or other Southend areas of Charlotte, NC you can call me at (704)307-0592.