| FEATURE |
Jan 1 – November 30, 2009
Rules as enacted February 2009
|
December 1 – April 30, 2010 Rules as enacted November 2009 |
|
First time Buyer –
Amount of Credit
|
$8000
($4000 married filing separate)
|
$8000
($4000 married filing separate)
|
|
Firsttime 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 |
$6,500
($3,250 married filing separate)
|
|
Effective Date –
Current Owner
|
No Provision |
Date of Enactment |
|
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
Effective Date of Enactment |
| Purchase by a Dependent |
No Provision |
Ineligible
Effective Date of Enactment
|
| Anti-fraud Rule |
None |
Purchaser must attach documentation of purchase to tax return |
