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Jop Hall REMAX All Stars West Fayetteville NC Real Estate

 

Thank you for visiting my Fayetteville & Fort Bragg NC Real Estate website where you can Search for Homes in Fayetteville, Spring Lake, Raeford, Hope Mills, Sanford, Fort Bragg, Cumberland County, Harnett County , Hoke County

when,or even before, you Visit Fayetteville. Make sure you ask about our Military Advantage Program for your PCS to Fort Bragg Areas.Welcome to North Carolina!

As your REALTOR, I go the extra mile to help you achieve your real estate goals. I invite you to contact me via email, telephone, or stop just by my office for any Real Estate matters. 

Jop Hall

 

Here are six things you need to know about the freshly-enacted $8,000 first-time home buyer tax credit.
1.Eight grand, new buyers: The tax credit included in the economic stimulus legislation is much narrower than the $15,000 proposal. This credit is equivalent to 10 percent of the purchase price of the home--although it's capped at $8,000--and applies only to first-time home buyers and principal residences. But unlike an earlier $7,500 home buyer tax credit, this one does not have to be repaid.
 
2.First time buyers defined: For the purpose of this legislation, a "first-time home buyer" is someone who hasn't owned a principal residence for three years before buying a house. (The date of purchase is considered the day that the title is transferred.) That means if you've owned a vacation home--but not a principal residence--within the past three years, you would still qualify for the credit.
3. 2009 buyers only: Only those who purchase a home on or after January 1 and before  December 1, 2009 are eligible for the credit. Anyone who bought a home last year won't be able to take advantage of it.
 
4.Income limits: The tax credit is subject to income limitations. Single buyers need a modified adjusted gross income of $75,000 or less to qualify for the full credit, that's $150,000 for married couples. Those earning more than these thresholds may be eligible for reduced credits.
5.Refundable: Because the tax credit is "refundable," qualified buyers can take advantage of it even if they don't have much tax liability.
6.Recapture: Buyers have to own the home for at least three years in order to capitalize on the credit. If they sell the home before then, they will have to return the credit to the government. (Exceptions will be made in certain cases, such as death or divorce.)
 

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