$8,000 Tax Credit
- Am I eligible?
If you have not owned a home in the past 3 years, you may qualify. That's right -- if you or your spouse haven't owned a primary residence in the past 3 years, you are considered first-time homebuyers and may qualify for the incentive. The tax credit applies to homes priced at $800,000 or less.
For home purchased between January 1, 2009 and November 6, 2009, the income limit for a single taxpayer is $75,000 and $150,000 for married taxpayers filing a joint return.
For home purchased between November 7, 2009 and April 30, 2010, the income limit for a single taxpayer is $125,000 and $225,000 for married taxpayers filing a joint return. If your income exceeds these amounts, you may still qualify for a partial credit.
- Do I have to pay the credit back?
Nope! The money is yours to keep. Take a vacation, use it for renovations, or buy dinner and drinks for everyone at a fine restaurant! The only catch is that the home must be your primary residence for at least three years after purchase.
- How long does this last?
The tax credit applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will still qualify.
$6,500 Tax Credit
- Am I eligible?
Buyers must have owned and lived in their previous home for five consecutive years out of the last eight years. The tax credit applies to homes priced at $800,000 or less.
This credit is available for home purchases between November 7, 2009 and April 30, 2010. The income limit for a single taxpayer is $125,000 and $225,000 for married taxpayers filing a joint return.
- Do I have to pay the credit back?
Nope! The money's all yours. Put it in savings, help pay for your kid's college, or blow it all on an online auction to win an Abraham Lincoln-shaped piece of toast! The only catch is that the home must be your primary residence for at least three years after purchase.
- How long does this last?
The tax credit applies to sales occurring on or after November 7 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will still qualify.
Why have we created this website?
The builders, realtors, and other companies around the Cape Fear region have joined together to help spread awareness of the $8,000 and $6,500 home buyer tax credits. We hope that these credits will help many first-time home buyers and repeat buyers in the area to purchase the home of their dreams.