Home Buyer Tax Credit
Home Buyer Tax Credit Changes
|
Feature |
Jan 1 – November 30, 2009 Rules as enacted February 2009 |
December 1 – April 30, 2010 Rules as enacted November 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 had 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) |
|
Effective Date- Current Owner |
No Provision |
Date of Enactment |
|
Current Homeowner- Definition For Eligibility |
No Provision |
|
|
Termination of Credit |
Purchase after November 30, 2009. (Becomes April 30,2010 on Date of Enactment.) |
Purchase after April 30, 2010 |
|
Binding Contract Rule |
None |
So Long as written binding Contract to purchase is in Effect on April 30, 2010, the Purchaser will have until june 30, 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 |
|
Anti-fraud Rule |
None |
Purchaser must attach Documentation of purchase to tax return |
