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Homes in Charlotte NC |
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1st Time Homebuyer/Move Up Buyer Tax Credit At a glance… -- The tax credit is $8,000 for first-time home buyers and $6,500 for move-up buyers (from December 1, 2009 to April 30, 2010). -- Move-up buyers are eligible, so long as the home they are leaving has been used as their principal residence for 5 years or more. -- The tax credit will sunset on April 30, 2010. --The income limits for both first-time home buyers and move-up buyers is $125,000 for single return and $225,000 joint return. -- Cost of the home may not exceed $800,000 to be eligible. -- For purchases made in 2010, taxpayers are able to claim the credit on their 2009 income tax return. -- Home buyers do not have to repay the credit, provided the home remains their principal residence for 36 months after the purchase date. Both the first time homebuyer and move up buyer tax credits are incredible opportunities. Buyers are advised to close on their transactions well in advance of the April 30th deadline as prices will likely go up after the 1st of the year as increased demand leads to higher prices.
These tax incentives, combined with historically low interest rates for mortgages make the decision to buy now an easy one.
Please email info@charlottespreferredbrokers.com or call 704-503-3409 for details.
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