OPEN HOUSES See & Print Full List View NE/IA Area Maps NEW LISTING $8,000 Tax Credit $6,500 Tax Credit Find Nebraska Properties | Find Iowa Properties | Sell a Property | Buy a Property | My NP Dodge Page | Mortgage | Relocation | Agents/Offices | Careers | Contact Us

Nebraska   Iowa   Services    County Assessors  School Information  My NP Dodge Page  Market Reports  Today's Interest Rates  Find a Mortgage Specialist  My Home's Value  Service Network  Home Warranty  NP Dodge Mobile  Sell a Home  Buy a Home  Metropolitan Area Info Quick Search   State   Nebraska     Iowa House #   or Street   or Zip Code       MLS #       First-Time Homebuyer Tax Credit Act Now! Current Homeowner $8,000 Homebuyer Tax Credit at a Glance A "First-Time Homebuyer" is defined as a person who has not owned a home for the past three years. The tax credit is equal to 10 percent of the home’s purchase price up to $8,000. The credit is available for homebuyers who enter into a written binding contract prior to May 1, 2010. The buyer will then have to close prior to July 1, 2010. Homebuyers may purchase any new or existing single dwelling home including condos and townhomes. The tax credit does not have to be repaid if the home isn’t sold within three years of purchase. The tax credit is "refundable" or claimable for the year of purchase regardless of the homebuyer’s tax liability. Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit. The homebuyers may participate in a mortgage revenue bond program such as NIFA and still be eligible for the tax credit. First-Time Homebuyer Tax Credit FAQs Homebuyer Tax Credit Changes Chart First-Time Homebuyers Guide Find a Home Mortgage Specialist Looking for an Agent Additional Tax Credit Information First-Time Homebuyer Information Request Buying vs Renting Reasons to Buy Homebuying Tips Homebuying Mistakes Buy It or Build It Paying Points Credit Score First-Time Homebuyer Tax Credit example: A couple with joint income less than $225,000 annually. The couple enters into a binding contract to purchase a home prior to May 1, 2010 and closes on their new home prior to July 1, 2010. The couple qualifies for the full $8,000 tax credit. Assume their 2009 federal tax liability is $12,000 without the tax credit, the $8,000 tax credit would lower their federal tax liability to only $4,000. If the couple’s 2009 federal withholdings was exactly $12,000, they would have received no refund without the tax credit because their federal income taxes equal their federal withholdings exactly. With the first-time homebuyer tax credit, the couple will get a tax refund of $8,000. First-time homebuyers should consult their tax advisor for more information. Real estate buyers and sellers who are interested in the existing or prospective home buying programs should seek additional information and professional advice. You may also refer to the following websites/phone numbers: IRS http://www.irs.gov/ 800-829-1040 or National Association of Realtors http://www.realtor.org/

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