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Homebuyer Tax Credit Changes

Congress has extended and expanded the homebuyer tax credit. The modifications in the column labeled “December 1 – April 30, 2010” become effective when President Obama signs the bill. All changes made to the current credit become effective on that date, as well.

 FEATURE  Jan 1 – Nov 30, 2009

Rules as enacted - February 2009

Dec 1 – Apr 30, 2010

Rules as enacted - November 2009

1st TimeBuyer

Credit Amount

 

$8000 - ($4000 married filing separate)

 

$8000 - ($4000 married filing separate)

1st TimeBuyer

Elgibility Def.

May not have had an interest in a principal residence for 3 years prior to purchase

May not have had an interest in a principal residence for 3 years prior to purchase

Homeowner 

Credit Amount

$0

  $6500 - ($3250 married filing separate)
Homeowner 

Elgibility Def.

  n/a

Must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years

Credit Termination

 Purchases after Nov 30, 2009. (Becomes April 30, 2010 on Date of Enactment.) Purchases after April 30, 2010
Binding Contract Rule  n/a

If a written contract to purchase is in effect on Apr 30, 2010, the buyer will have until July 1, 2010 to close.

Income Limits

Single-$75,000, Married-$150,000 Additional $20,000 phase out

Single-$125,000, Married-$225,000       Additional $20,000 phase out

Maximum Price  n/a $800,000
Dependent Buyer  n/a Ineligible
Anti-fraud Rule  n/a Attach purchase documentation to tax return
     
 
 

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