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$8000 First Time Home Buyer Tax Credit until December 1, 2009

In its efforts to stimulate the economy and revive the housing market, Congress has enacted legislation providing a tax credit of up to $8,000 for first-time home buyers in 2009.

First Time Home Buyer Tax Credit at a Glance

• The tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
• The credit is available for homes purchased on or after January 1, 2009 and closed on before December 1, 2009.
• The credit is for $8,000 or 10% of the home’s value, whichever is less.
• The tax credit does not have to be repaid if you own your home for at least 3 years.
• Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
• It phases out for incomes between $75,000 to $95,000 for single and $150,000 to $170,000 for couples.
• Taxpayers who qualify for the first-time home-buyer credit and purchase a home in 2009 before December 1 may claim the tax credit either on their 2008 tax returns due April 15 or on their 2009 tax returns next year.
• Consult your accountant as to which option is best for you.

Visit the Federal Housing Tax Credit website for more details.

Paying Too Many Taxes? Why Charlotte, NC Remains a Popular Relocation Destination

A recent article by Matt Woolsey in Forbes (03/30/2009) listed the top 10 most heavily taxed states.

As a real estate broker and relocation specialist in the greater Charlotte area, I chuckled when I saw the list. So many of my relocating buyers are moving from the upper northeast which claimed 6 out of 10 spots on the list. Not only are they thrilled to leave the cold winter weather behind, they are always shocked at what their money can buy here in Charlotte. In addition to lower housing prices, they are amazed how low our property taxes are. No wonder so many northerners are heading south.

According to the article, "the 10 states with the highest taxes, including property, individual income, sales, alcoholic beverages, tobacco, motor vehicles, hunting and fishing, motor fuels, death and gift taxes, as well as insurance premiums. The per capita tax was derived by adding up all the taxes and dividing the total by the number of citizens."

1. Vermont, $3,861
2. Hawaii, $3,856
3. Connecticut, $3,596
4. Minnesota, $3,203
5. New Jersey, $3,024
6. New York, $3,019
7. Massachusetts, $2,953
8. Washington, $2,553
9. Wyoming, $2,357
10. Pennsylvania, $2,223

Source: Forbes, Matt Woolsey (03/30/2009)

About Nancy Winters- Real Estate Broker and Relocation Specialist, Charlotte, NC  - With more than twenty years of experience in teaching, entrepreneurship and public service, I enjoy putting those skills to beneficial use as a full-time licensed real estate broker in Charlotte, North Carolina.

I specialize in helping individuals and families relocate to the Charlotte area. Having moved and traveled throughout the world much of my life, I am familiar with the excitement and upheaval that comes with navigating new surroundings and a new home.

I take great pride in my clients knowing I have their best interests at heart and was awarded the 2008 FIVE STAR: "Best in Client Satisfaction" among real estate agents in Charlotte, North Carolina . I am happy to help you or anyone you know with your real estate needs. ~ (704) 345-5844