Wilkes County, NC Real Estate Blog

First-Time Homebuyer Credit Questions and Answers: Homes Purchased in 2009
April 19th, 2009 12:08 PM

Q: When must I pay back the credit for the home I purchased in 2009?

A:  Generally, there is no requirement to pay back the credit for a principal residence purchased in 2009. The obligation to repay the credit on a home purchased in 2009 arises only if the home ceases to be your principal residence within 36 months from the date of purchase. The full amount of the credit received becomes due on the return for the year the home ceased being your principal residence.

Q. If I claim the first-time homebuyer credit for a purchase in 2009 and stop using the property as my principal residence before the 36 month period expires after I purchase, how is the credit repaid and how long would I have to repay it?

A. If, within 36 months of the date of purchase, the property is no longer used as your principal residence, you are required to repay the credit. Repayment of the full amount of the credit is due at that time the income tax return for the year the home ceased to be your principal residence is due. The full amount of the credit is reflected as additional tax on that year's tax return. Form 5405 and its instructions will be revised for tax year 2009 to include information about repayment of the credit.

Info taken from http://www.irs.gov/newsroom/article/0,,id=206293,00.html


Posted by Shakti Rodriguez on April 19th, 2009 12:08 PMPost a Comment (0)

Wilkes Home Sales Jump in March 2009
April 14th, 2009 7:12 PM
Wilkes Home Sales Jump in March
06:06 am, April 13, 2009

Here's the good news story we'd hoped to start the week with: home sales are up in Wilkes county. Not just a little, either, say local Realtors. According to monthly statistics compiled by the Wilkes Board of Realtors' Multiple Listing Service, the march home sales totaled $4.5 million. That's more than double February's sales and nearly 90 percent more than January. It was also a 21 percent increase over a year ago. The Journal-Patriot reports the average home sold for a bit over 150-thousand dollars in March.

"(Realtors in Wilkes) are a lot busier than we were. It seems to pick up every week," said Linda Zinger, president of the Wilkes Board of Realtors. Zinger said much of this increase is due to first-time home buyers taking advantage of a new federal tax credit. This economic stimulus measure lets first-time home buyers deduct $8,000, or 10 percent of a home's value from their federal income tax if they buy between Jan. 1 and Nov. 30 of this year. The credit is refundable, meaning tax filers see a refund of the full $8,000 even if their tax bill was less than that.

Realtors report that sales of part-time homes in mountainous areas of Wilkes are up, but not as much as full time residences elsewhere in the county. Inquiries from potential buyers about undeveloped mountain land in Wilkes have increased in recent months, but local Realtors said this hasn't yet translated to a corresponding increase in sales.

Posted by Shakti Rodriguez on April 14th, 2009 7:12 PMPost a Comment (0)

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