| FEATURE | Jan 1- Nov 30, 2009
Rules as enacted
February 2009 | Nov 7 - Apr 30, 2010
Rules as enacted
November 2009 |
First-time Buyer
Amount of Credit | $8000
($4000 married filing separate) | $8000
($4000 married filing separate) |
First-time 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 | November 7, 2009 |
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
November 7, 2009 |
Purchased by a
Department | No provision | Ineligible
November 7, 2009 |
| Anti-fraud rule | None | Purchaser must attach
documentation of
purchase to
tax return |
