First-Time Homebuyers Tax Credit |
| FEATURE | CREDIT AS CREATED JULY 2008 APPLIES TO ALL QUALIFIED PURCHASES ON OR AFTER APRIL 9, 2008 | REVISED CREDIT – EFFECTIVE FOR PURCHASES ON OR AFTER JANUARY 1, 2009 AND BEFORE DECEMBER 1, 2009 |
Amount of Credit | Lesser of 10 percent of cost of home or $7500 | Maximum credit amount increased to $8000 |
Eligible Property | Any single family residence (including condos, co-ops, townhouses) that will be used as a principal residence. | No change All principal residences eligible. |
Refundable | Yes. Reduces (or can eliminate) income tax liability for the year of purchase. Any unused amount of tax credit refunded to purchaser. | No change Purchasers will continue to receive refund for unused amount when tax return is filed. |
Income Limit | Yes. Full amount of credit available for individuals with adjusted gross income of no more than $75,000 ($150,000 on a joint return). Phases out above those caps ($95,000 and $170,000). | No change Same income limits continue to apply. |
First-time Homebuyer Only | Yes. Purchaser (and purchaser’s spouse) may not have owned a principal residence in 3 years previous to purchase. | No change Still available for first-time purchasers only. Three-year rule continues to apply. |
Revenue Bond Financing | No credit allowed if home financed with state/local bond funding. | Purchasers who utilize revenue bond financing can use credit. |
Repayment | Yes. Portion (6.67% of credit or $500) to be repaid each year for 15 years, starting with 2010 tax filing. | NO REPAYMENT for purchases on or after January 1, 2009 and before December 1, 2009 |
Recapture | If home sold before 15-year repayment period ends, then outstanding balance of repayment amount recaptured on sale. | If home is sold within three years of purchase, entire amount of credit is recaptured on sale. Applies only to homes purchased in 2009. |
Termination | July 1, 2009 (But note program changes for 2009) | December 1, 2009 |
Effective Date | Purchases on or after April 9, 2008 and before January 1, 2009. Repayment to begin for 2010 tax year. | All revisions are effective as of January 1, 2009 |
Contact Team Advantage GMAC Today for help with your Real Estate Needs.
If you are thinking of buying a home, selling a home, or want to talk with an expert Real Estate Agent with detailed knowledge of Edinburgh Indiana, Franklin Indiana, Greensburg Indiana, Hope Indiana, Nashville Indiana, North Vernon Indiana, Seymour Indiana and Columbus Indiana Real Estate, please feel free to contact us click here. Simply call us at 812-375-9233, or email Brett@teamadvantagegmac.com us. We'll be glad to talk with you, and help you in all of your Real Estate needs.
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Buying a Home Buying a Luxury Home
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Buying a home in Edinburgh Indiana, Franklin Indiana, Greensburg Indiana, Hope Indiana, Nashville Indiana, North Vernon Indiana, Seymour Indiana and Columbus Indiana requires careful planning on your part, and an understanding of what you need from your property, be it a house, condo, or land to build on. School district quality, future development, and if you’re near Columbus, suburban sprawl can affect the present and future value of a home. Team Advantage GMAC Real Estate Agents can help you find the right home, negotiate for the best home price, anticipate its real estate investment value, and provide you with the advice throughout the home buying process. Call one of our real estate agents in Columbus Indiana today to start your home search. 
Selling a Home Selling a Luxury Home
Selling a home in Edinburgh Indiana, Franklin Indiana, Greensburg Indiana, Hope Indiana, Nashville Indiana, North Vernon Indiana, Seymour Indiana and Columbus Indiana can be an opportunity, leading to “moving up” into a new home, or an emotional parting, leaving the place you’ve raised a family and built friendships. Real Estate Agents can help you sell a home, get the best value for your real estate investment, and make the transition into a new home, nearby, or if you’re relocating, even out of state. Call one of our Real Estate agents today to help you with your move. And don't forget to ask about other professional services that we can provide to make your move a more enjoyable one.
Relocating Services GMAC Global Relocation Cummins Relocaton
Relocating to Edinburgh Indiana, Franklin Indiana, Greensburg Indiana, Hope Indiana, Nashville Indiana, North Vernon Indiana, Seymour Indiana and Columbus Indiana ? Let us be the first to say Welcome to Columbus Indiana. Feel free to contact us today for a relocation package about real estate in Columbus Indiana and our surrounding communities Relocating from or too Cummins Engine Company, Columbus Regional Hospital, LHP, NTN or are local school corporation in Columbus Indiana? Team Advantage GMAC can help.Info@TeamAdvantageGMAC.com.
GMAC GLobal Relocation, If your a Columbus Indiana or surrounding area employer contact Wade Myers CEO of Team Advantage GMAC Real Estate to get connected with how GMAC Global Relocation can help you with your transfering employee needs at Wade@TeamAdvantageGMAC.com.
Community Connections Events Shopping
At Team Advantage GMAC Real Estate we wanted to provide you not only with a website for home sellers and buyers, but with an interactive community tool that would keep you coming back again and again. To the right you will see links to our Community Calendar and Local Marketplace. Bookmark this page and come back often to see what's happening in Columbus Indiana and the surrounding areas. If you have an upcomming event that you would like to see posted on our calendar please click "Submit an Event".
At Team Advantage GMAC Real Estate we take pride in utilizing local merchants and services and encourage our neighbors to strengthen our communities by shopping local. If you would like to see your business listed, or if you want to recommend the services of a local merchant click on "Join the Marketplace" and let us know about it.
For information specific to Columbus Indiana you can click on the Communities tab above for more links including area highlights, hospital and school information.
Real Estate Career Benefits Training
If you have a Real Estate license for the state of Indiana, and share our philosophy of Real Estate service,and want to serve the Columbus indiana area, we would love to have you join our team, click here and grow along with us. We are very excited about all the systems and tools we have to offer, and the great thing is there free. So feel free to stop and visit with us, we have career packets available any time you are.
The Best Real Estate in Edinburgh Indiana, Franklin Indiana, Greensburg Indiana, Hope Indiana, Nashville Indiana, North Vernon Indiana, Seymour Indiana and Columbus Indiana
We take pride in representing some of the best properties in Edinburgh Indiana, Franklin Indiana, Greensburg Indiana, Hope Indiana, Nashville Indiana, North Vernon Indiana, Seymour Indiana and Columbus Indiana , which you can find as Featured Listings. You can search for nearly all real estate in Edinburgh Indiana, Franklin Indiana, Greensburg Indiana, Hope Indiana, Nashville Indiana, North Vernon Indiana, Seymour Indiana and Columbus Indiana by using our Columbus Indiana Property Search. While it’s open to everyone, we recommend that if you’re serious about buying a home, you should register to save your home search criteria, favorite properties and get e-mail updates on real estate in the area.
You can learn more about many of the communities in Edinburgh Indiana, Franklin Indiana, Greensburg Indiana, Hope Indiana, Nashville Indiana, North Vernon Indiana, Seymour Indiana and Columbus Indiana that Team Advantage GMAC serves, which include but are not limited to:
Contact Team Advantage GMAC Today for your Edinburgh Indiana, Franklin Indiana, Greensburg Indiana, Hope Indiana, Nashville Indiana, North Vernon Indiana, Seymour Indiana and Columbus Indiana Real Estate Needs
If you are thinking of buying a home, selling a home, or want to talk with an expert Real Estate Agent/Realtor with detailed knowledge of Edinburgh Indiana, Franklin Indiana, Greensburg Indiana, Hope Indiana, Nashville Indiana, North Vernon Indiana, Seymour Indiana and Columbus Indiana Real Estate, please feel free to contact us click here. Simply call us at 812-372-GMAC(4622), or e-mail us at info@teamadvantagegmac.com . We’ll be glad to talk with you, and help you in all of your Edinburgh Indiana, Franklin Indiana, Greensburg Indiana, Hope Indiana, Nashville Indiana, North Vernon Indiana, Seymour Indiana and Columbus Indiana Real Estate needs.
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