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 |
