Poreska olakšica za kupce (MCC)

A Mortgage Credit Certificate (MCC) issued by Idaho Housing and Finance Association allows a homebuyer to claim a tax credit for 35% of the mortgage interest paid per year, up to an annual maximum of $2,000. The Mortgage Interest Credit is a non-refundable tax credit, so the homebuyer must have tax liability in order to take advantage of the tax credit. The MCC remains in effect for the life of the mortgage loan as long as you remain the home remains your principal residence.

MCC holders may receive the complete Mortgage Interest Credit annually at the time they file their tax return with IRS Form 8396. If you have any tax questions, we recommend you consult a qualified tax professional.

To qualify for an MCC, borrowers need to meet certain criteria, including income limits, sales price limits, loan type, and first-time homebuyer status. Your lender can walk you through the requirements and help determine if you qualify.

If you qualify for the MCC program, your lender will provide the necessary documents for you to sign. Certain documents may be signed at application, while others may be signed at closing. There is also a $300 MCC application fee, which will be due at closing.

Idaho Housing will send out a MCC certificate on January 31 of the year after the purchase of your new home. This certificate will be used when you prepare your taxes. Please save this document in a safe place. It will be the only one that is sent to you.

My loan has already closed and I just heard about the MCC. Can I still apply?
Yes, within 30 days of closing on your loan. When applying post-closing, the $300 application fee will need to be split. $200 will go to your lender and $100 should be mailed to Idaho Housing along with the completed application documents.

Once I have my MCC, how do I receive the tax credit?
You will need to claim the credit each year when you file your taxes. Use IRS Form 8396 to claim your credit.  If you have questions when completing your taxes, please consult a qualified tax professional. Idaho Housing is unable to provide tax advice.

If my income increases, will I lose the tax credit?
The MCC is for the life of the loan as long the home remains your principal residence. If you sell your home or move and your income is higher, you may be held to a Recapture Tax by the IRS. A qualified tax professional will be able to answer your questions about potential recapture.

What happens if I sell the home or move?
Depending on how long you have been in the home, you may be held to a Recapture Tax under certain circumstances.  The Recapture Tax expires after nine years.  If you are required to pay a Recapture Tax as a result of the MCC administered by Idaho Housing, please contact Idaho Housing because there may be an opportunity for reimbursement.  Please refer to the application documents for specifics on potential recapture.

What is the Recapture Reimbursement Guarantee?
If you are subject to a Recapture Tax, there are certain situations in which Idaho Housing will reimburse the Recapture Tax amount.  Please contact Idaho Housing for information if you are subject to the tax.

I am considering refinancing or I am already in the process of doing so. Will I lose the MCC from my original loan?
You may transfer your existing MCC to the new loan.  You will need a Reissued MCC (RMCC) to transfer the benefit to your new loan. There is an RMCC application that may be signed at or before closing and that requires a $50 fee.

Imajte na umu that if you have previously refinanced your home and you did not apply for an RMCC at that time, you will not be able to transfer the benefit to your new loan. An MCC must be reissued each time a home is refinanced or the benefit will be lost.

My refinance has already closed. Can I still apply for an RMCC?
Yes. You may apply for an RMCC for 30 days after closing. The application and the $50 fee will need to be submitted directly to Idaho Housing. Post-closing RMCC applications are approved on a case-by-case basis, so it is still best to apply before you close on your refinance.

The amount of my refinance loan is higher than my original loan. Can I still get a Reissued MCC?
Yes, as long as the credit amount you claim on your taxes does not exceed the amount claimed with your original loan. We recommend consulting a tax professional to ensure you are following IRS guidelines for the RMCC when claiming the credit on your taxes.

I am refinancing and my income is higher than the income limit for the MCC program. Can I still get a Reissued MCC?
Yes. Income limits are only considered for eligibility at the time your home is purchased. You can still apply for an RMCC with your refinance even if your income has increased.

I have a question that isn’t answered here. Where can I find more information?
Your lender or a tax professional can help answer your questions. You can find more information from the IRS about the Mortgage Interest Credit ovdje. You can also contact our MCC Administrator by emailing mccinfo@ihfa.org.