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Contact The Bartusek Group

If you have any questions or need more detailed information, please feel free to contact us via phone at (402) 237-8772 or fill out the form to let us know how we can help with your real estate needs.

Office Location 13340 California St.
Omaha, NE 68154
Phone: (402) 237-8772
Fax: (402) 493-4805

Home Buyers Tax Credit

If you are a first time home buyer, then you need to know about the First-Time Home Buyer Tax Credit. This credit can help you shave a considerable amount off the price of a new home – and it's recently been extended and revised. Here's what you need to know:

  • Money WadThe credit applies to first-time home buyers who purchase a home between November 7, 2009 and April 30, 2010.

  • To be considered a “first time home buyer,” the principal buyer and their spouse must not have owned a residence during the three years prior to the current purchase.

  • The Extended Home Buyer Tax Credit applies to any and all primary residences. These include single family homes, condominiums, town homes and co-ops.

  • The maximum amount allowed under the current tax credit for first time home buyers is $8,000.

  • The maximum amount allowed under the current tax credit for current homeowners is $6,500.

  • The specific amount that you may qualify for depends on the price of the house that you are buying and your income. Check with a qualified professional to learn more.

  • Only homes listed at $800,000 or less will qualify for the terms of the current Buyer's Tax Credit.

  • Single buyers with an income of up to $125,000, and married couples with a combined income of up to $225,000 may receive the maximum credit. These numbers have changed since the original Buyer's Tax Credit.

  • As long as a contract has been entered by April 30, 2010, buyers have until July 1, 2010 to close to still qualify for the credit.

Without a doubt, the Buyer's Tax Credit is an excellent opportunity, especially for first-time home buyers. Even if you think that you do not qualify, it pays to speak with a qualified buyer's agent or other professional to make sure. The intricacies of the program, like any other tax credit, are best managed by an individual with specific knowledge and understanding of them. With the credit, you may be able to afford a more expensive home – or might be able to qualify for a home when you didn't think that you would be able to.

Are you still confused?  Fill out the form below, and a member of The Bartusek Group will contact you to answer any of your home buyer tax credit questions.

Ask Us About The Tax Credit

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