Homebuyers Tax Credit
Revised November 2009

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 signs 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 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. (Becomes April 30, 2010 on Date of Enactment)	Purchase 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 complete the transaction.
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 required to attach documentation of purchase to tax return.

Home

Homebuyers Tax Credit Revised November 2009

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

First-time Buyer- Definition for Eligibility

Current Homeowner- Amount of Credit

Effective Date - Current Owner

Current Homeowner - Definition for Eligibility

Termination of Credit

Binding Contract Rule

Income Limits (Note: Increased income limits are effective as of date of enactment of bill)

Limitation on Cost of Purchased Home

Purchase by a Dependent

Anti-fraud Rule

Homebuyers Tax Credit
Revised November 2009

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

First-time Buyer-
Definition for Eligibility

Current Homeowner-
Amount of Credit

Effective Date -
Current Owner

Current Homeowner -
Definition for Eligibility

Income Limits
(Note: Increased income
limits are effective as of
date of enactment of bill)

Limitation on Cost of
Purchased Home