Only 4 ½ Months Left to Take Advantage of $8,000 Tax Credit for First-Time Home Buyers
July 16, 2009
COLUMBIA, SC – July 15, 2009 – The Central Carolina REALTORS® Association (CCRA) is pleased to announce homebuyers still have a little over four months to take advantage of the $8,000 tax credit for first-time home buyers.
Highlights:
- Tax credit equals 10% of the home’s purchase price up to a maximum of $8,000 and applies to first-time home buyers and principal residences. Unlike an earlier $7,500 home buyer tax credit, this one does not have to be repaid.
- A first-time home buyer is defined as someone who hasn’t owned a principal residence for the previous three years.
- Tax credits are available for homes purchased on or after January 1, 2009 and before December 1, 2009.
- The tax credit is subject to income limitations. Single buyers need a modified adjusted gross income of $75,000 or less ($150,000 for married couples) to qualify for the full credit. Those earning more than this may be eligible for reduced credits.
“I think this is an excellent measure that is helping to revive the real estate market,” said Chip Kreps, Executive Vice President of CCRA. “For first-time home buyers, this opportunity allows people to have money right now rather than waiting another year to claim a tax credit. It gives home buyers cash they do not have to pay back. It’s another benefit of buying now during this period of historically low interest rates.”
About Central Carolina REALTORS® Association
The Central Carolina REALTORS® Association (formerly the Greater Columbia Association of REALTORS®, with over 2000 members, has been providing the Midlands with professional real estate service for over 84 years. The association’s mission is to be the organization in the Midlands that represents the standard for the real estate sales professional through the organization’s Code of Ethics, educational offerings, information systems, and involvement in local government issues. For more information, please visit www.colarealtors.com.
