FEATURE |
January 1, 2009 through November 30, 2009
Rules As Enacted February 2009 |
November 7, 2009 through April 30, 2010
Rules As Enacted November 2009 |
First-time Buyer -
Amount of Credit |
$8,000 ($4,000
married filing separate) |
Same |
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 Homeowner |
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
April 30, 2010 |
Same |
| 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 |
| Recapture |
If home is sold
within three years of purchase, entire amount of credit is recaptured on sale |
Same |
| Income Limits |
$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 |
| Purchase by a Dependent |
No Provision |
Ineligible |
| Anti-fraud Rule |
None |
Purchaser must
attach documentation of purchase to tax return |
