| Feature |
Jan1 - Nov 30, 2009
Rules As Enacted February 2009 |
Nov. 7 - Apr. 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 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 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 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 |
