Thursday, November 12, 2009

Homebuyer Tax Credit Extension & Provisions

It is official that the Homebuyer tax credit has now been extended... YIPEE!!! There also have been a few modifications to the tax credit. Here are the provisions of the current homebuyer's tax credit that just passed:

*The $8,000 first time homebuyer's tax credit has been extended and there is a new $6,500 tax credit for homeowners buying a new home by July 1, 2010.

*Homebuyers with contracts as of April 30, 2010 will qualify for the credit. However, they must close on their home by June 30, 2010.

* The credit is available for homebuyers with the following income: Up to $125,000 for a single return. Up to $225,000 for a joint return.

*The credit is not available for homes costing over $800,000

*Homebuyers who already own a home will qualify if their current home has been their principal residence for 5 consecutive years within the last 8 years.

*Individuals who have been deployed overseas for 90 days or more in either 2008 or 2009 have until April 30, 2011 to claim the tax credit.

For more information on the Homebuyer's Tax Credit expansion or any other real estate related question, please contact me at 402.310.0409 or

Jason Korn
The Korn Team
RE/MAX Real Estate Concepts

Tuesday, November 3, 2009

First Time Home Buyer Tax Credit Extension???

Undoubtedly the Lincoln, Nebraska real estate market has been the beneficiary, like many other markets, of the 2009 First Time Home Buyer $8,000 Tax Credit. However, as you may or many not be aware, this tax credit does expired as of November 30, 2009. There has been an outcry from different groups to extend this tax credit as well as make some revisions to it to allow even those who are not first time buyers the chance to claim the tax credit. Although there has been no official extension, word from Washington is that they are very close to passing an extension with the following changes:

1. Tax credit will be extended until June 30, 2010
2. The property must be under contract by April 30, 2010
3. Those who are not first time buyers may qualify for a $6,800 tax credit.

Again, this has not yet passed fully through Washington but, looks likely. I will of course update my blog with my information as it becomes available.