First Time Home Buyer Nc Tax Credit. In 2009 congress increased the amount first time buyers could earn to 8 000. Sales price restrictions mean the maximum sales price can not be more than 245 000.
Mortgage credit certificate for an annual federal tax credit of up to 2 000 for eligible first time home buyers and military veterans. How to qualify for the tax credit for first time home buyers in nc. How this works is you can deduct up to 2 000 off your federal tax bill each year.
This will lower the federal tax amount withheld from each paycheck.
You can then use those funds to put more toward your mortgage payments each month. The obama administration enacted the federal first time home buyer tax credit in 2008. The mcc is a fedeal tax credit program from the irs for first time homebuyers. The nc home advantage tax credit enables eligible first time buyers those who haven t owned a home as their principal residence in the past three years and military veterans to save up to 2 000 a year on their federal taxes with a mortgage credit certificate mcc.