Nov. 2009

FEATURE

JAN 1 - NOV 30, 2009
RULES AS ENACTED FEBRUARY 2009

NOVEMBER 7- APRIL 30, 2010 RULES AS ENACTED NOVEMBER 2009

First-Time Buyer Amount of Credit:

 $8000 ($4000 Married filing Separate)
 $8000 - Single or Married Jointly ($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

 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 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.

EffectiveIncome Limits Dates
Old: Feb 01, 2009
New: Nov 07, 2009
Old:
$75,000 - Single

$150,000 - Married

Additional $20,000 Phase Out!

New:
$125,000 - Single
$225,000 - Married
Additional - $20,000 Phase Out

Limitation on Cost of Purchased Home:

None.
$800,000

Effective November 7, 2009

Purchase by a Dependent:

 No Provision.
Ineligible

Effective November 7th, 2009

 Anti-Fraud Rule:  None.  Purchaser Must Attach Documentation of Purchase to Tax Return.