Homebuyer tax credit for 2009-2010
Up to $8,000 for new homebuyers or buyers who
haven’t owned a home for 3 years.
$6,500 for existing homeowners who have owned a
home consecutively for 5 of the last 8 years.
Now to April 30, 2010 Rules as enacted November 2009
· First time buyer amount of Credit—$8,000 ($4,000 married filing separate)
or 10% of the home’s purchase price, whichever is less.
· Current Homeowner - amount of Credit $6,500 ($3,250 married filing separate)
· Current Homeowners - must have used the home being sold as a principle residence consecutively
for 5 of the previous 8 years.
· You must own the new home for 3 years or entire amount may be recaptured on sale.
· The credit is available to taxpayers with adjusted gross incomes limits up to $125,000 - single,
$225,000 - married (additional $20,000 phase out)
· Maximum purchase price of $800,000
· Purchaser must attach documentation of purchase to tax return
· Contact your tax professional for personal tax qualifications
· Website for detailed information: www.irs.gov
For more information contact one of our agents at:
Real Estate Group of Grand Island, Inc.
1824 West 2nd Street
Grand Island, NE 68803
308-381-9999
www.RealEstateGroupofGI.com