$8,000 First–Time Home Buyer Tax Credit Chart Print

Congress has extended and expanded the homebuyer tax credit!

Major Modifications Shaded
February 2009

FeatureJan 1 - November 30, 2009 Rules enacted February 2009December 1- April 30, 2010 Rules as enacted November 2009
First-time Home Buyer -Amount of Credit
 $8000 ($4000 married filing seperate) $8,000 ($4,000 married filing separate)
First-time Home Buyer - Definition of 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 of 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) Purchasers 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 (increased 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

Prepared by the National Association of REALTORS Government Affairs Staff - November 2009