Homebuyer Tax Credit Update

FEATURE Jan. 1 - Nov 30, 2009
Rules as Enacted Feb 2009
Nov. 7 - Apr. 30, 2010
Rules as Enacted Nov. 2009
First-time Buyer: Amount of Credit $8,000 ($4,000 married filing separate) $8,000 ($4,000 married filing separate)
First-time Buyer: Definition for Eligibility May not have has 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 November 7, 2009
Current Homeowner: Definition of 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 fter November 30, 2009. (Becomes April 30, 2010 on November 7, 2009) 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 November 7, 2009) $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

Information courtesy of:
NATIONAL ASSOCIATION OF REALTORS®

 

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