New Tax Credits Available for Homes for Sale in Winston Salem NC

NEW TAX CREDITS AVAILABLE FOR HOMES FOR SALE IN WINSTON SALEM NC

The President will be signing into law the new First time homebuyers AND Existing homebuyers tax credit stimulus! The National Realtors Association has been vigorously pushing for an extension of this much needed boost to the housing market, because in recent months, the growth in housing sales throughout the country has been viewed as one of the most positive steps in our overall economic recovery.

The $8,000 first time homebuyer tax credit for Homes for Sale in Winston Salem was due to expire on November 30th!

Eligibility of First Time HomeBuyers is the same as before, in that they can not have had an interest in a principal residence for 3 years prior to purchasing. The tax credit is the same as before, $8,000 for a married couple filing taxes together. If filing separately, it is $4,000.

Eligibility for Current Homeowners is that they must have used the home as their principal residence consecutively for 5 of the previous 8 years. Income limitations are $125,000 for single persons and $225,000 for married couples. The tax credit is $6,500 for a married couple filing together. If filing separately, it is $3,250 for those couples.

If the buyers income exceeds these limits, some buyers may still be eligible for the credit.

According to the National Association of Realtors, "...the credit decreases for buyers who earn between $125,000 and $145,000 for single buyers, and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income - over $145,000 for singles and over $245,000 for couples - are not eligible for the credit."

The only "home price" limitation placed on this extended Tax Credit, is that the home purchase price must be less than $800,000.

To learn more about the affect these tax credits have on our national economy please watch this video presented by the National Association of Realtors. Bear in mind that, although the mumber of "home sales" are down in our area, "home values" have remained relatively strong in homes for sale in the Winston Salem and the greater Triad Region, as compared with many other regions, nationally.