Everything Greenville SC BLOG

Greenville's First Time Home Buyer Credit Defined

First Time Home Buyers Tax Credit for Greenville SC real estate market. Many people have heard about the new tax credit but do not know specifics about it.

Details are: 1. The tax credit is $8,000 OR 10% of the purchase price whichever is smaller. You only need to worry about the 10% if the home's purchase price is less than $80,000. (ex: home price = $75,000, tax credit= $7,500).

2. If you pay less than $8,000 in taxes the IRS will actually send you a refund for the balance.

3. If you make more then a certain amount you do not get the tax credit. See the PDF file below for tables on the limits on income.

Now there are some more caviates which will prevent you from taking the tax credit inlcuded in the PDF file below.

Exceptions to the 1st time home buyer qualification are (or the NOT REALLY A FIRST TIME HOME BUYER EXCEPTION as I like to call it) - If you have not owned your primary residence for the past 3 years prior to the date of purchase, you qualify as a first time home buyer under this tax credit.

To find out more exact detail check out this PDF from NAR (National Assoc. for Realtors) http://www.realtor.org/wps/wcm/connect/f6ee3f004d2465a491f6f526a9949436/government_affairs_homeb_tax_credit_new.pdf?MOD=AJPERES&CACHEID=f6ee3f004d2465a491f6f526a9949436 

For more information on Greenville Real Estate and Greer SC Real Estate contact us.

Real Estate Stimulas, Haywood Road Re-Branding & Downtown Greenville Trails Overhaul

Stimulas Package 2009

Everyone has had the stimulus package on their minds for several months now.  From a real estate perspective, one of the main components of this package is the inclusion of the $8,000 tax credit for first time home purchasers.  If neither you nor your spouse has owned a principal residence in the last 3 years, and purchase between Jan 1, 2009 and December 1, 2009, you may qualify for the tax credit that will come directly off your tax liability.  This plan differs from the $7,500 tax credit of 2008 that required purchasers to pay back the credit interest-free over 15 years.  The 2009 credit does not need to be repaid..(for more click here to see complete text in our Online Newsletter)

Haywood Road RE-Branding
If you are wondering what will the Haywood Road shopping area look like in a few years, you are not alone; the City of Greenville has begun a project to analyze possibilities and rebrand the area.  Designers have begun the process and laid out a tentative uptown version of Haywood Road that transforms it into a pedestrian and cyclist-friendly area with connecting parks, amphitheater, and nightlife destinations that would attract recreation.  ...(for more click here to see complete text in our Online Newsletter)

Trail Overhaul for Downtown Greenville
The trails through Cleveland Park in downtown Greenville may get an overhaul this year in instead of being extended through the Parkins Mill area to Lake Conestee as planned. The 30 year old trails in the park have been well used in the past and are now seeing increased traffic since it is now part of the Reedy River trail running to Travelers Rest....(for more click here to see complete text in our Online Newsletter)

 

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