first time home buyer tax credit raleigh nc

The $8,000 Tax Credit Breakdown For First Time Buyers 
Available until December 1st 2009 with some speculation, although no rumors have been confirmed, that the credit will be extended through 2010.

The Basics - 
1. This program provides a credit worth 10% of the purchase price with a maximum amount of $8,000.
2. This credit doesn't have to be repaid.
3. Only first time home buyers are eligible for this credit. Technically, by IRS standards, a first time buyer hasn't owned a primary residence for the last three years.
4. Any home qualifies, whether you're building or even considering a houseboat!

Am I Eligible?
1. You must have purchased a home this year or plan on finalizing a purchase on a home before December 1st 2009.
2. Are you a first time home buyer? Technically, you're not a first time buyer if you owned your primary residence in the last three years. If you file jointly with your spouse, neither of you could have owned a primary residence in the last 3 years. But, if it's an unmarried or joint purchase, the credit is available for the eligible person. A great example of this would be if a home is being purchased jointly by a parent and their son or daughter. Owning a vacation or rental property wont disqualify an applicant.

What are the income limits?
The single taxpayer income limit is $75,000 and for married taxpayers who file jointly, the limit is $150,000. There are some provisions for people with modified adjusted gross income above these two points. We can provide you an estimate of the amount of tax credit you're eligible if your income falls outside these ranges.

I swear I heard that this credit had to be paid back!
Nope; that tax credit was put forth by Congress in 2008 and because it had to be paid back was really just an interest free loan. This program provides a true tax credit as long as you keep the house for your primary property for no less than three years (if you dont, you'll have to repay the credit). This credit isn't a tax deduction; those are discounts subtracted from your income to calculate a decreased tax amount (not the same deal).

Do I have to wait until I file my taxes to get this tax credit? 
No! Talk to your tax professional about amending your last tax return.

Can I get this tax credit with a FHA or USDA loan? 
Yes - this credit is available for almost any loan product.

For non-US citizens 
As long as you're a non-resident alien and you've owned a principal residence in the last three years, then you should be able to claim the tax credit.Do make sure you meet all IRS requirements set forth in the IRS Publication 519.


Overview of the first-time homebuyer credit on the IRS's website. http://www.irs.gov/newsroom/article/0,,id=204671,00.html




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