For eligible home buyers who purchase a home before December 1, 2009 there’s an added benefit – up to an $8,000 tax credit.
As with most things there are rules as to who qualifies for the tax credit including prior home ownership. First time buyer is defined as a buyer who has not owned a primary residence in the past 3 years. That requirement applies to spouses too.
The home must be a primary residence meaning you’ll live in it as your principal dwelling – so it can’t be a rental/investment home but it’s NOT restricted to single family houses, so townhomes and condos also qualify.
One of the major differences with this current first time buyer tax credit from the one that was in effect part of last year is that this 2009 first time home buyer credit does NOT have to be repaid.
The first time home buyer tax credit isn’t given to buyers at closing since it’s related to income tax filing but it’s an added home ownership tax benefit for eligible first time home buyers looking to buy a home in Charlotte NC before December 1, 2009.
For buyers who haven’t owned a primary residence in the past 3 years and are ready, willing and able to buy a home in Charlotte NC, this tax credit is most definitely an added benefit…in addition to the intangible benefits of living in your own home!
One of the most detailed FAQ and answer resources I’ve found is at: First Time Home Buyer Tax Credit Questions and Answers
Copyright©2009 by Diane McDermott, All Rights Reserved, “First Time Buyer Tax Credit”