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Homebuyer Tax Credit
Below you will find the information concerning the home buyer tax credit for both first-time home buyers and current home buyers planning to purchase a different property and close by June 30, 2010. Please give us a call if you have any questions.| 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 | $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 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 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 |
