| 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 |
