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Union County NC First Time Home Buyers-Claim Your $8000 Tax Credit in 2008

Union County NC first time home buyers have received a nice gift from the IRS.  The recently enacted American Recovery and Reinvestment Act of 2009 revised IRS Form 5405 to allow first time home buyers to claim a tax credit either on their 2008 or 2009 tax returns.First Time Home Buyers

What should Union County NC first time home buyers know about the First-time Homebuyer Credit?

  • You may qualify as a first time home buyer even if you've owned a home before.  The IRS considers you a first time home buyer if you and your spouse (if married)  have not owned another principal residence during the last three years.  This three-year period ends on the date of purchase of your new home.
  • The First-time Homebuyer Credit is available if you buy a home before December 1, 2009 but can be claimed on either 2008 or 2009 tax returns.
  • The amount that a Union County NC first time home buyer can claim is ten percent of the purchase price up to $8000.
  • The First-time Homebuyer Credit does not have to be repaid provided the home remains the your principal residence for three years after the purchase date.
  • The credit amount will be phased out if your adjusted gross income is more than $75,000 for single filers or $150,000 for joint filers.

Where can Union County NC first time home buyers find more information about the First-time Homebuyer Credit?

  • Go to IRS.gov and find the revised Form 5405 First-Time Homebuyer Credit.  The instructions to this form will provide more detailed information on qualifying for the credit.

Click here to learn more about buying your first home in Union County NC.

About the author:  Carol Fox of Allen Tate Realtors is a veteran agent who has helped first time home buyers find the right home and neighborhood in Union County NC for over twenty years.

Copyright 2009.  Carol Fox.  All rights reserved.  *Union County NC First Time Home Buyers-Claim Your $8000 Tax Credit in 2008*

Posted: Sunday, March 1, 2009 2:31 PM by Carol Fox

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