Dare To Bear It

February 20, 2010

      Come take a chilling plunge into the Atlantic

Ocean to support Special Olympics New Hanover

County. Join us for live music, costume contest, a

silent auction, food, art,  Hot Rods and more.

     In order to participate in the 6th Annual Polar

Plunge, you must raise a minimum of $50.00 ($30.00

for students) per plunger. We invite you to plunge as

a team or as an individual. Teams must have at least

5 members and each plunger must raise $50.00

($30.00 per student) minimum.

We look forward to seeing you

Saturday, Feb. 20, 2010

Click the link below to learn more about the Federal Housing Tax Credit!  It has just been extended and is a great deal for first time home buyers!

http://www.federalhousingtaxcredit.com/

Come to the North Carolina Festival by the Sea this Saturday and Sunday in Holden Beach!  This 2 day event features a kick-off parade down the Holden Beach causeway, a Kingfishing tournament, Surf Off and Grom Fest, and lots of good food and arts and crafts.  Visit http://www.hbmerchants.com/events.html for more info.

Come to the North Carolina Spot Festival this weekend, September 26th and 27th, in Hampstead!

There will be great entertainment, food, a shag contest, and more, so don’t miss out!

Click the link below for more information and pictures:

http://www.ncspotfestival.com/

Enjoy Historic Downtown Wilmington from a different view: the Jubilee Snooze and Cruise Yacht on the Cape Fear River!  Jubilee Snooze and Cruise is located just across the river from the Battleship North Carolina, offering dinner cruises, dockside dining, berth and breakfast, and more.  Click the link below to visit the website and learn more about rates and offers.

 http://www.jubileesnoozeandcruise.com/

Enjoy Historic Downtown Wilmington from a different view: the Jubilee Snooze and Cruise Yacht on the Cape Fear River!  Jubilee Snooze and Cruise is located just across the river from the Battleship North Carolina, offering dinner cruises, dockside dining, berth and breakfast, and more.  Click the link below to visit the website and learn more about rates and offers.

 http://www.jubileesnoozeandcruise.com/

Enjoy Historic Downtown Wilmington from a different view: the Jubilee Snooze and Cruise Yacht on the Cape Fear River!  Jubilee Snooze and Cruise is located just across the river from the Battleship North Carolina, offering dinner cruises, dockside dining, berth and breakfast, and more.  Click the link below to visit the website and learn more about rates and offers.

 http://www.jubileesnoozeandcruise.com/

Come check out the 2009 North Carolina Spot Festival in Hampstead, September 26th and 27th!

Featuring good food, entertainment, a shag contest, and more!

 For more information, click this link: http://www.ncspotfestival.com/

The 7th Annual Southern Coastal Bluegrass Festival will be September 19th and 20th at the Fort Fisher Military Recreation Center at Kure Beach, NC.  Food Venders and Beverages of all kinds!

September 19th & 20th 2009  Mark your calendars for the 7th annual Southern Coastal Bluegrass Festival at the Fort Fisher Military Recreation Area at Kure Beach, NC. Featured along with good bluegrass and bluegrass gospel will be: good food arts and crafts storytelling clogging and square dancing 24/7 Bluegrass Radio: www.worldwidebluegrass.com     General Information Gates will open: Saturday at 10am and close at 8:00pm. Sunday at 10:00am and close at 7:00pm. Bring Blankets, and Chairs No Coolers or Pets

Contact Us!

HOW DOES THIS CREDIT WORK?

Frequently Asked Questions

1. Who is eligible to claim the tax credit?
   First-time home buyers purchasing any kind of home-new or resale-are eligible for the tax credit. To qualify for the tax credit, a home purchase must occur on or after January 1, 2009 and before December 1, 2009. For the purposes of the tax credit, the purchase date is the date when closing occurs and the title to the property transfers to the home owner.
2. What is the definition of a first-time home buyer?
   The law defines “first-time home buyer” as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse.
3. How is the amount of the tax credit determined?
   The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
4. Are there any income limits for claiming the tax credit?
   Yes. The income limit for single taxpayers is $75,000; the limit is $150,000 for married taxpayers filing a joint return. The tax credit amount is reduced for buyers with a modified adjusted gross income (MAGI) of more than $75,000 for single taxpayers and $150,000 for married taxpayers filing a joint return. The phaseout range for the tax credit program is equal to $20,000. That is, the tax credit amount is reduced to zero for taxpayers with MAGI of more than $95,000 (single) or $170,000 (married) and is reduced proportionally for taxpayers with MAGIs between these amounts.
5. If my modified adjusted gross income (MAGI) is above the limit, do I qualify for any tax credit?
   Possibly. It depends on your income. Partial credits of less than $8,000 are available for some taxpayers whose MAGI exceeds the phaseout limits.
6. How is this home buyer tax credit different from the tax credit that Congress enacted in July of 2008?
   The most significant difference is that this tax credit does not have to be repaid. Because it had to be repaid, the previous “credit” was essentially an interest-free loan. This tax incentive is a true tax credit. However, home buyers must use the residence as a principal residence for at least three years or face recapture of the tax credit amount. Certain exceptions apply.
7. How do I claim the tax credit? Do I need to complete a form or application?
   Participating in the tax credit program is easy. You claim the tax credit on your federal income tax return. Specifically, home buyers should complete IRS Form 5405 to determine their tax credit amount, and then claim this amount on Line 69 of their 1040 income tax return. No other applications or forms are required, and no pre-approval is necessary. However, you will want to be sure that you qualify for the credit under the income limits and first-time home buyer tests. Note that you cannot claim the credit on Form 5405 for an intended purchase for some future date; it must be a completed purchase.
8. What types of homes will qualify for the tax credit?
   Any home that will be used as a principal residence will qualify for the credit. This includes single-family detached homes, attached homes like townhouses and condominiums, manufactured homes (also known as mobile homes) and houseboats. The definition of principal residence is identical to the one used to determine whether you may qualify for the $250,000 / $500,000 capital gain tax exclusion for principal residences.
9. I purchased a home in early 2009 and have already filed to receive the $7,500 tax credit on my 2008 tax returns. How can I claim the new $8,000 tax credit instead?
   Home buyers in this situation may file an amended 2008 tax return with a 1040X form. You should consult with a tax advisor to ensure you file this return properly.
10. Instead of buying a new home from a home builder, I hired a contractor to construct a home on a lot that I already own. Do I still qualify for the tax credit?
    Yes. For the purposes of the home buyer tax credit, a principal residence that is constructed by the home owner is treated by the tax code as having been “purchased” on the date the owner first occupies the house. In this situation, the date of first occupancy must be on or after January 1, 2009 and before December 1, 2009. It’s important to keep in mind that it takes much longer for a home to be built, and it must be closed prior to December 1, 2009.
11. Is there any way for a home buyer to access the money allocable to the credit sooner than waiting to file their 2009 tax return?
    Yes. Prospective home buyers who believe they qualify for the tax credit are permitted to reduce their income tax withholding. Reducing tax withholding (up to the amount of the credit) will enable the buyer to accumulate cash by raising his/her take home pay. This money can then be applied to the downpayment.

    Buyers should adjust their withholding amount on their W-4 via their employer or through their quarterly estimated tax payment. IRS Publication 919 contains rules and guidelines for income tax withholding. Prospective home buyers should note that if income tax withholding is reduced and the tax credit qualified purchase does not occur, then the individual would be liable for repayment to the IRS of income tax and possible interest charges and penalties.

    Further, rule changes made as part of the economic stimulus legislation allow home buyers to claim the tax credit and participate in a program financed by tax-exempt bonds. Some state housing finance agencies, such as the Missouri Housing Development Commission, have introduced programs that provide short-term credit acceleration loans that may be used to fund a downpayment. Prospective home buyers should inquire with their state housing finance agency to determine the availability of such a program in their community.

    The National Council of State Housing Agencies (NCSHA) has compiled list of such programs, which can be found here.

12. If I’m qualified for the tax credit and buy a home in 2009, can I apply the tax credit against my 2008 tax return?
    Yes. The law allows taxpayers to choose (”elect”) to treat qualified home purchases in 2009 as if the purchase occurred on December 31, 2008. This means that the 2008 income limit (MAGI) applies and the election accelerates when the credit can be claimed (tax filing for 2008 returns instead of for 2009 returns). A benefit of this election is that a home buyer in 2009 will know their 2008 MAGI with certainty, thereby helping the buyer know whether the income limit will reduce their credit amount.