September 8th, 2009 Phyllis Wolborsky Posted in Real Estate Services

If you are a first time home buyer shopping for a home in Raleigh, North Carolina ask your real estate agent about the $8,000 tax credit that expires in November.

Keep in mind that this is for first time homebuyers (someone who has not owned a home for the past three years).  You may be entitled to a tax credit of up to $8000 which can be used on your 2009 tax return.  The tax credit is a true credit and if not needed then you are sent the money.  The credit is for 10% of the purchase price up to $8000.  There are stipulations to the tax credit  program so please talk with your agent to see if you qualify.

 

  • The tax credit applies to purchases that close after April 8, 2008, and before Dec. 1, 2009.
  • It also only applies to a home that is the taxpayer’s principal residence.
  • Reduces a taxpayer’s tax bill or increases his or her refund, dollar for dollar.
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  Is fully refundable, meaning the credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax owed.There are also some additional restrictions if you are single and make more than $75,000 per year or married filing jointly and make more than $150,000 per year.

 

 

 

As the law is written you must first purchase the home and then file for the tax credit.  This is an FHA program.  If you are a First Time Home Buyer and you qualify for this program, then it may possible to get you in your Raleigh dream home with no money down.

 

 

Please contact Phyllis Wolborsky and the Wolborsky Group to get more information about this tax credit .