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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 signed the bill. All changes made to the current credit become effective on that
date, as well.
FEATURE
 Jan 1 - November 30, 2009
Rules as enacted Feb. 2009
 December 1 - April 30, 2010
Rules as enacted Nov. 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
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 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
Purchase 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