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I bought a home in early 2009 & claimed the 2008 tax credit of $7500 on my 2008 tax return. How can I claim the 2009 tax credit of $8000 instead? File an amended 1040X tax return form for 2008. Make sure you consult a tax advisor to ensure you file the return properly! I hired a contractor to construct a home on a lot that I already own. Do I still qualify for the tax credit? Absolutely! Just make sure that the occupancy date is between January 1, 2009 and December 1, 2009.
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What types of homes will qualify for the tax credit? Any home that will be used as a principal residence qualifies for the credit. this includes single family homes, condos & town homes, manufactured ( mobil) homes, modualr homes & even houseboats. If it qualifies for the capital gains tax on a primary residence, it qualifies forthe tax credit! Is the tax credit "refundable" & what does that mean? It means that the tax credit can be claimed even if the taxpayer has little or no federal income tax liability to offset. For example, if you owe $6000 in taxes and had $4500 in taxes withheld for the year you still owe $1500 in taxes. You would receive a check from the government for $6500. ($8000-$1500=$6500)
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How does the new tax credit differ from teh 2008 tax credit? The most significant difference is the this year's tax credit does not have to be repaid! This tax incentive is a true tax credit. but home buyers must use the residence as a principal for at least three years or face having to repay it. Certain exemptions do apply. How do I claim the tax credit? Do I need to complete a form or application? You can claim the tax creidt on your federal income tax return. specifically, home buyers should complete IRS From 5405 to determine their tax credit amount,and then claim that amount on Line 69 of their 1040 income tax return. No other applications of forms are required, and no pre-approval is necessary. However, you will want to be sure that you qualify for the credit under the income limits and first-timehome buyer tests.
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How is this home buyer tax credit different from last years (2008)? the most significant difference is that this tax credit Does Not Have To Be Paid Back! This tax incentive is a true tax credit. but, homes buyers must use the property as a principal residence for at least 3 years or face having to repay it. Certain exceptions apply. How Does A Buyer Claim The Tax Credit? The tax credit is claimed on the buyer's federal income tax return. Specifically, home buyers should complete IRS Form 5405 to determine their tax credit amount, then claim this amount on Line 69 of their 1040 income tax return. No other applications or forms are required, and, no pre-approval is necessary. Just be sure to make sure that you do qualify for the credit under the income limits and the first-time home buyer tests.
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So far we have answered questions on eligibility, the amount of the credit and income limits as applied to the credit. Let's move on! How is a partial credit determined? There is a $20,000 difference between those who are eligible for a full tax credit & those where the credit is reduced to zero. If you take the amount that you are over the limit by & divide it by 20,000, this will give you the percentage that you are over the limit by. ($75000 for single taxpayers & $150,000 for married filing jointly are the income limits). Subtract that number from 100% & multiply that by $8,000. That will give you your tax credit amount. Let's look at an example: A married couple has a modified adjusted gross income of $165,000. Their income exceeds $150,000 by $15,000. Dividing $15,00 by $20,000 yields 0.75. This means that they are over the limit by 75% and are, therefore, eligible for a tax credit of 25%. Multiplying $8,000 by 0.25 shows that the buyer is eligible for a partial tax credit of $2,000. Remember, this is only an example. You should always consult your tax adviser. But, if you have any questions about the guidelines for the tax credit, give me a call & I'll email you a full report on the credit! Call me at 704-363-6946 or email me at homes@thenaylorteam.com . 
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Does your income matter when claiming the tax credit? The full tax credit of $8000 is given to buyers with a modified gross adjusted income of less than $75,000 for single taxpayers and $150,000 for married taxpayers filing a joint return. For taxpayers with MAGI of more than $95,000 (single) or $170,000 (marreid) the credit is reduced to zero. Taxpayers earning between these figures are prorated according to income. This brings us to the next FAQ.... What is "modified adjusted gross income"? Modified adjusted gross income is a number defined by the IRS to determine your tax liability. I'm here to help answer your questions! Give me a call @ 704-363-6946 or email me at homes@thenaylorteam.com More to come next week! 
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There is some confusion surrounding all of the qualifiers attached to this new Tax Credit in the Stimulus Plan. Our goal in publishing this is to tackle the questions one or two at a time & to provide potential buyers with all of the information they may need to take advantage of this incentive! If you missed the last post simply email me at homes@thenaylorteam.com & I'll be more than happy to bring you up to speed! On to Questions #2 & 3: What is the definition of a firstime home buyer? The tax credit law defines a "first-time home buyer" as a buyer who has not owned a principal residence during the three-year period prior to the purchase. If you are married, both spouses cannot have owned a home. For example, if you didn't own a home but your spouse did, you do not qualify. For unmarrried buyers, the credit amount can be given to any buyer who qualifies as a first time buyer, for instance, if a parent jointly purchases a home with a son or daughter. If you owned a vacation home or rental property not used as a principal residence you are not disqualified as a first-time buyer. How do you know how much of a credit you are getting? The tax credit is 10% of the home's purchase price with a maximum of $8000 credit.
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First Time Home Buyers Do you know all of the details about the new tax credit you are entitled to as a First Time Home Buyer? Let's start with a Q& A on the subject! I'll post a question & the answer every week on this blog. Keep the questions coming! Call me for a comprehensive report on the topic or to talk about your options & how you can take advantage of the new program! WHO CAN GET THE TAX CREDIT? If you are a first time home buyer purchasing a new home or a resale home you are eligible for the tax credit! You must buy your home on or after january 1, 2009 and before December 1, 2009 to qualify for the creit. As it applies to the tax credit, the purchase date is considered to be the date of settlement ( closing) on the property and the title to the property transfers to the new owner. If you have any questions, call me at 704-363-6946 or email me at homes@TheNaylorTeam.com.
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Better Than New!!
• 1,680 sq. ft., 2 bath, 2 bdrm single story -  MLS® $187,000 - Priced Below Tax Value Edinburgh Square Homes, Cornelius - Lovely 2 bedroom 2 bath condo located in the heart of Cornelius! Just a short distance from I-77 and about a 30 minute commute to Charlotte, you'll have access to all of the area amenities such as Birkdale Village, great restaurants and shopping and Jetton Park to enjoy Lake Norman! This home shows like a model and the owner has enhanced the great floor plan with some wonderful upgrades including Brazilian Cherry Hardwood floors, granite countertops,42" Cherry cabinets, top of the line appliances in the kitchen and even a built-in wine cooler. The owners suite boasts a wonderful bathroom with custom tiled oversized shower and garden tub. You'll enjoy entertaining in the open flow of space in the main living area which includes a great room with fireplace, vaulted ceiling & fan, an office nook and access to the outdoor balcony which overlooks a natural wooded area. the cozy den is just waiting for you to put your feet up & relax! And, the dining area is formal yet open....a great place to host a dinner party or just enjoy quiet meals with the family! Don't miss this opportunity to purchase an almost brand new condo with more upgrades than the builder is providing for new at a price lower than a new condo! Property information
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Edinburgh Square Homes, Cornelius - Announcing a great deal on 8655 Edinburgh Dr, a 1,680 sq. ft., 2 bath, 2 bdrm condo with all of the amenities included: appliances, hardwood floors, granite counters, community pool and a great location in the heart of Cornelius! Elevator Building. Now MLS® $187,000 - Priced Below Tax Value.and well below the original purchase price of $225,000 in 2007! Instant equity opportunity! Property information
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Number of Homes Sold from November 16th to December 31 , 2008 in Mooresville: 81Properties Average Sale Price: 310,083 Average Days on Market : 131
Current Number of Mooresville Homes For Sale: 929
Mooresville NC Real Estate There was a total of 81 closed sales in Mooresville from November 16th to December 31, 2008 compared to 95 properties for the same time period in 2007. The average sales price for November 16th thru December 31st 2008 was $310,083 as compared to an average selling price of $333,800 for the same time period in 2007. The average number of days a house was on the market in November & December of 2008 was 131 as compared to the same period in 2007 when the average number of days on market was 111 .There are currently 929 homes for sale in Mooresville. Considering both the large inventory of homes & the length of days on market increasing buyers have the ability to get a great deal on a new home. Prices have decreased only slightly while the rest of the national market is experiencing a more dramatic decline in home prices. This supports our belief that the local real estate market here in the Lake Norman area has had a solid appreciation over the years and was not a part of the "BUBBLE" that caused most real estate markets to "tank". Combine solid proeprty value with low interest rates and it's easy to see why smart buyers are taking advantage of the perks this market has to offer to those in a position to buy! This is a great time to buy a new home!
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According to the Charlotte Observer on Saturday 12/20/08 there's good news on the horizon for homeowners who may be facing some financial difficulties in today's economy. Starting immediately, Fannie Mae is allowing borrowers facing financial difficulty to request an "early workout" even if they have never been late on a mortgage payment. This proactive move has the potential to help thousands of folks who may have lost jobs, or, be underemployed after losing a job & finding another. So, what should a borrower do first if they are in this situation? IMMEDIATELY contact your loan servicer to find out who owns your loan & then request an early workout. For help with this or to get more information just email The Naylor Team @ homes@thenaylorteam.com .
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Despite the fact that we are hearing nothing but negative reports regarding the housing market, and, to be honest, much of it is valid, there are really some great opportunities for first time home buyers with good credit to get the "deal of the century" in buying a home. There are many "short sales" that are priced aggressively and when you combine that with the lowest interest rates ever & a first time home buyer tax credit one cannot deny that buyers are in an excellent position to purchase a good home. But, let's also take a look from the sellers' point of view : a seller with a home he cannot afford to pay for is in a very frustrating situation. As a Realtor and a Home Retention Consultant I work with sellers in this position every day and what they tell me is that the most important thing to them at this moment is to avoid a Foreclosure that will impact their credit rating forever! So, taking advantage of this market niche is actually a win-win situation for both parties: buyers get a great deal on a home and sellers can move on with their lives, most times with credit intact. Think about it....
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I recently had the opportunity to preview a beautiful town home in a pool community in Huntersville, North Carolina. At the time I viewed it the price was already reduced from the original list price....thousands less than the seller paid for it last year! Loaded with upgrades, it is truly better than new! As a Buyer's Agent I would highly recommend anyone in the position to take advantage of an excellent buying opportunity to do so since the price was reduced again today by $15,000! This home is listed in the MLS so do a search for listings in Gilead Ridge on my site or contact me.
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There were a total of 19 homes sold in Denver in September of 2008 as compared to 36 properties for the same month in 2007. The average sales price for September 2008 was 395,282 as compared to an average sale price of 426,356 in 2007, a decrease of almost 14%. The average number of days on the market in August 2008 was 107 as compared to 64 days in August of 2007. There are currently 407 homes for sale in Denver, NC. Considering the price decrease along with the increase number of days on market there are many opportunities to buy a great home at a great price in Denver, NC. Qualified buyers are in an excellent position to negotiate with sellers and get a lot of home for the dollar!
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