19 articles in All

Murphy NC

About the Town, of Murphy, NC, located in the Western North Carolina foothills!

Guest Writer- English Stone-HorseBack riding in the Georgia Mountains!

Agency Relationships in Real Estate in Murphy, North Carolina

Carshow at Brothers Restaurant in Murphy, NC. located in the Western North Carolina Mountains

For Sale By Owner

Curb Appeal: Staging for Streetview

Stagin on a Budget

Can Color Cost You a Sale?

Kitchen and Bath Design Trends

10 Ways to Make Your House Greener

New Day at the Cherokee Co. Health Department, Murphy, NC.

A True American (in Murphy North Carolina)

Real Estate Investments- Beginning to End, Murphy NC

Restaurants in and around the Murphy, NC. area

Home Rehab Remodeling for Homes for Sale in Murphy, NC.

Appliance Longevity-Homes for sale in Murphy NC

Cherokee County Maps

First Time Buyers Tax Credit


The Basics: 2009 First-Time Home Buyer Tax Credit

Bringing the Dream of Homeownership Within Reach
As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed legislation that grants a tax credit of up to $8,000 to first-time home buyers.

Here is more information about how the 2009 First-Time Home Buyer Tax Credit can help prospective home buyers become part of the American dream.

Who Qualifies?
First-time home buyers who purchase homes between January 1, 2009 and December 1, 2009.

To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.

Which Properties Are Eligible?
The 2009 First-Time Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.

How Much Will the Credit Be?
The maximum allowable credit for home buyers is $8,000. Each home buyer’s tax credit is determined by two factors:

The price of the home—the credit is equal to 10% of the purchase price of the home, up to $8,000.

The buyer's income—single buyers with incomes up to $75,000 and married couples with incomes up to $150,000—may receive the maximum tax credit.

If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?
Yes, some buyers may still be eligible for the credit.

The credit decreases for buyers who earn between $75,000 and $95,000 for single buyers and between $150,000 and $170,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $95,000 for singles and over $170,000 for couples are not eligible for the credit.

Will the Tax Credit Need to Be Repaid?
No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during the three-year period, the credit will be recouped on the sale.

NAR Tax Credit Resources
The Basics: 2009 First-Time Home Buyer Tax Credit

In-Depth: 2009 First-Time Home Buyer Tax Credit

Printable Home Buyer Tax Credit FAQ (PDF: 483K)

Tax Credit Webinar Q&A

Take the Tax Credit Quiz

IRS Tax Credit Resources
First-Time Home Buyer Tax Credit Information

Tax Credit Form (5405) (PDF:257KB)

Related NAR Information
Making Home Affordable Program

American Recovery and Reinvestment Act

Unlock America's Economy

Reprinted from REALTOR (R) Magazine Online, http://www.realtor.org/realtormag
May 2009, with permission of the NATIONAL ASSOCIATION OF REALTORS (R). Copyright May 2009. All right reserved.

Copyright NATIONAL ASSOCIATION of REALTORS® | Headquarters: 430 North Michigan Avenue, Chicago, IL 60611

DC Office: 500 New Jersey Avenue, NW, Washington, DC 20001-2020 I 1-800-874-6500

Terms of Use | Privacy Policy | REALTOR.com | Contact NAR | Site Map | Report Unsolicited


 

 
 

If you would like more information, please contact us at (828) 837-0424, (800) 380-6806, email us, or use our online request form.