This is from the NAR website of the current provisions, I suspect that there will be some revisions however for the time being this is a good reference. For home buyers in Ohio, they also want to check out the Ohio Housing Finance Agency's Mortgage Credit Certificate Program, because it can easily triple the amount of Tax Credits a buyer can recieve. Drop me an email and I will glady send any buyer or Realtor information about this program.
|
FEATURE |
Jan 1 - November 30, 2009 Rules as enacted February 2009 |
November 7 - April 30, 2010 Rules as enacted November 2009 |
|
First-time Buyer Amount of Credit |
$8000 ($4000 married filing separate) |
$8000 ($4000 married filing separate) |
|
First-time Buyer Definition for Eligibility |
May not have had an interest in a principal residence for 3 years prior to purchase |
Same |
|
Current Homeowner Amount of Credit |
No Provision |
$6500 ($3250 married filing separate) |
|
Effective Date Current Owner |
No Provision |
November 7, 2009 |
|
Current Homeowner Definition for Eligibility |
No Provision |
Must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years |
|
Termination of Credit |
Purchases after November 30, 2009. (Becomes April 30, 2010 on Date of Enactment.) |
Purchases after April 30, 2010 |
|
Binding Contract Rule |
None |
So long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close. |
|
Income Limits (Note: Increased income limits are effective as of date of enactment of bill) |
$75,000 - single, $150,000 - married, Additional $20,000 phase out |
$125,000 - single, $225,000 - married, Additional $20,000 phase out |
|
Limitation on Cost of Purchased Home |
None |
$800,000 November 7, 2009 |
|
Purchase by a Dependent |
No Provision |
Ineligible November 7, 2009 |
|
Anti-fraud Rule |
None |
Purchaser must attach documentation of purchase to tax return |
How will this affect the Omaha real estate market? Was this tax credit a good idea? Stay tuned for my follow-up blog post.
Comments(1)