The Final Word on the 2009 First Time Home Buyer’s Tax Credit

4189 Bordeaux Drive - For Sale - $439,900 - Bordeaux in Denver, NC

4189 Bordeaux Drive - For Sale - $439,900 - Bordeaux in Denver, NC

Good News for the First Time Home Buyers!  Homes purchased before December 1, 2009 are eligible for an $8,000 tax credit.  It really is a great time to buy. 

HOMEBUYER TAX CREDIT

Buy a home and get a tax break!  As part of the housing and Economic Recovery Act of 2008, a First Time Homebuyer Tax Credit is now available  But this special tax break ends Dec. 1, 2009.  A homebuyer tax credit has been available for first-time homebuyers in Washington, D.C. for many years, and now first-time homebuyers nationwide can take advantage of a similar benefit.  In this information, we will discuss some of the provisions of the credit and explain how to use it.

AM I ELIGIBLE?

First-time homebuyers who purchase a principle residence before December 1, 2009 are eligible.  If you (and your spouse, if married) have not owned your principle residence for a 3 year period before your purchase, and you have never taken advantage of the DC first-time homebuyer credit, you qualify as a first-time  homebuyer.

HOW DOES IT WORK?

Like all tax credits, it will directly reduce the total amount of taxes you owe.  When you file your taxes, for the year you purchased our home (2008-2009), you will be able to subtract the amount of the credit from your Federal income tax liability, increasing the size of your refund or reducing the amount you owe.  For example, you file your ‘normal’ tax return and find that you owe $2,000 in taxes.  With this credit, your tax liability could be lowered by $8000 – which means, you instead get a $6,000 tax REFUND check from the IRS.

HOW BIG IS THE TAX CREDIT?

The tax credit is equal to 10% of the purchase price of your home up to $8,000.  The full credit is available for single individuals whose adjusted gross inclome is less than $75,000 and your home purchase qualifies you for the full credit, the credit phases out according to the dollar amount (or percentage if less than $8,000).

This is information was provided by Chris Hopkins with Myers Park Mortgage.  Phone:  (704) 902-5586

Advertisements

About Michelle Nantz

There are many qualities and skills that go into being an excellent real estate professional: integrity, in-depth community and market knowledge, marketing savvy, effective negotiation skills, and a high-quality professional network ~ all of which are hallmarks of Michelle Nantz. In 2003, Michelle began her career in real estate, after a successful career in restaurant and hotel management with her last position as Regional Director of Operations running 56 hotels throughout two states. She owes her success in real estate and management to her expertise in people skills, managing, negotiating, and follow-up. However, it is Michelle’s dedication to quality service that she ultimately credits her success. Michelle shared, “In my experience as a Lake Norman real estate professional, I’ve found that providing the very best service is essentially about putting my clients first. This means keeping myself accessible, being a good listener as well as a good communicator, and responding quickly to their needs.” This “client first” philosophy combined with continual personal improvement and keeping up-to-date with the latest technologies is a cornerstone of both Michelle’s and Lake Norman Realty’s business philosophy. In addition to Michelle’s extensive real estate education and her experience in the local market, she is also an Accredited Staging Professional®, which brings additional value to marketing her clients’ homes. Michelle and her family have made the Lake Norman area their home for over 10 years. In her rare leisure moments, you’ll find Michelle with her three children and husband, or unwinding with gardening or reading. “I live and work in this community and only have the best interests of our community and its members in mind,” says Michelle. Her community activities include participation in Denver Days, Relay for Life and support for Christian Ministries and area schools.
This entry was posted in Buyers, General Information and tagged . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s