NPDodge Omaha Nebraska Real Estate and Council Bluffs Iowa Real Estate

A “Current or Existing Homeowner” for the purposes of this credit must have used the home sold or being sold as a principle residence consecutively for 5 of the previous 8 years.

The tax credit is equal to 10 percent of the home’s purchase price up to $6,500.

The credit is available for homes place under contract prior to April 30, 2010 which then needs to close prior to July 1, 2010.

Homebuyers may purchase any new construction or existing single dwelling home including condos and townhomes.

The tax credit is “refundable” or claimable for the year of purchases 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.

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Existing Homeowner Credit example:

A couple with joint income less than $225,000 annually.

The couple has owned a personal residence consecutively for 5 of the last 8 years and sells this home to purchase a new home for $200,000 which takes place prior to April 30, 2010. The couple qualifies for the $6,500 tax credit.

Assume their 2009 federal tax liability is $12,500 without the tax credit, the $6,500 tax credit would lower their federal tax liability to only $6,000.

If the couple’s 2009 federal withholdings was exactly $12,500, they would have received no refund without the tax credit because their federal income taxes equal their federal withholdings exactly.

With the Existing Homeowner Tax Credit, the couple will get a tax refund of $6,500.

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