| FEATURE |
Jan 1 – November 30, 2009
Rules as enacted
February 2009 |
December 1 – April 30,
2010 Rules as enacted
November 2009 |
| Firsttime
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 |
$6500
($3250 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 |
|
Antifraud
Rule |
None |
Purchaser must attach
documentation of purchase
to tax return |
