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(919) 882-6700
info@daymarkrealty.com

919-882-6700919-882-6700

Daymark Realty - Serving the Triangle Area of North Carolina

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Home Advantage Tax Credit (formerly known as MCC)

The Home Advantage Tax Credit program (formerly known as the Mortgage Credit Certificate) is a tremendous benefit offered through the North Carolina Housing Finance Agency.  This certificate allows First Time Home Buyers to deduct up to the first $2,000 of their mortgage interest as a tax credit instead of a deduction.  A tax credit is far more generous than a tax deduction.  For instance, if you’re taxed at a rate of 25% a tax credit is four times more valuable than a deduction.

Example A: $7,500 mortgage interest paid with an income tax rate of 25%

Based on an income tax rate of 25%, a $7,500 tax deduction will reduce your tax liability by approximately $1,875 or (0.25 x $7500).

Example B: $7,500 mortgage interest paid with an income tax rate of 25% and an MCC

Tax credits do not use your income tax rate.  Instead, it is a dollar-for-dollar reduction.  In this example, the first $2,000 are taken as a tax credit and the remainder ($7,500 – $2,000 = $5500) is reduced based on your income tax rate, as above.  The total tax saved is therefore $2,000 + (5,500 x 0.25) = $2,000 + $1,375 = $3,375.  Using the MCC reduces your tax liability by an extra $1,500 or $125/month!  In this example, that’s an increase in tax savings of 80%!

Get the Home Advantage Tax Credit Program Guide here.

Properties

208 W J Street
$17,000
  • 0.400 Acres

208 W J Street Erwin, North Carolina

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209 W K Street
$17,000
  • 0.350 Acres

209 W K Street Erwin, North Carolina

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423 N Hardee Street
$239,000
  • 4 Bedrooms
  • 2 Bathrooms
  • 1,585 Sq Ft
  • 0.300 Acres

423 N Hardee Street Durham, North Carolina

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327 Steel Bridge Road
$300,000
  • 3 Bedrooms
  • 2 Bathrooms
  • 1,673 Sq Ft
  • 0.510 Acres

327 Steel Bridge Road Sanford, North Carolina

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2515 Spring Oaks Way
$335,000
  • 3 Bedrooms
  • 3 Bathrooms
  • 1,834 Sq Ft
  • 0.040 Acres

2515 Spring Oaks Way Raleigh, North Carolina

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4708 Princess Anna Marie Lane
$340,000
  • 4 Bedrooms
  • 3 Bathrooms
  • 1,805 Sq Ft
  • 0.130 Acres

4708 Princess Anna Marie Lane Raleigh, North Carolina

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3609 Legato Lane
$625,000
  • 4 Bedrooms
  • 4 Bathrooms
  • 2,299 Sq Ft
  • 0.700 Acres

3609 Legato Lane Wake Forest, North Carolina

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208 Windel Drive
$635,000
  • 2 Bedrooms
  • 2 Bathrooms
  • 1,733 Sq Ft
  • 0.450 Acres

208 Windel Drive Raleigh, North Carolina

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1360 Brown Velvet Lane
$814,900
  • 5 Bedrooms
  • 4 Bathrooms
  • 3,329 Sq Ft
  • 0.110 Acres

1360 Brown Velvet Lane Apex, North Carolina

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TBD Old Lystra Road
$1,125,000
  • 4 Bedrooms
  • 5 Bathrooms
  • 3,495 Sq Ft
  • 2.330 Acres

TBD Old Lystra Road Chapel Hill, North Carolina

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About Daymark Realty

Daymark Realty, wholly owned by Coastal Credit Union, offers exceptional savings and service whether you are buying or selling real estate.  As a trusted, local partner for 50 years, Coastal Credit Union has consistently delivered affordable financial services to families and individuals across the Triangle.   Through Daymark Realty, we offer comprehensive real estate brokerage services with lower fees and more services for significant savings.

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Daymark Realty

1000 St Albans Drive Raleigh, NC 27609

(919) 882-6700
info@daymarkrealty.com
© 2023 · Privacy Policy · Equity Framework


© 2023 · Equity Framework