| EXIT REALTY GROUP |
EXceptional Service |
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HOMEBUYER TAX CREDIT CHANGES
Issued by the National Association of REALTORS Government Affairs Division 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 - Nov. 30, 2009
Rules as enacted February 2009 | December 1 - April 30, 2010 Rules as enacted November 2009 |
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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 - Sincle
$225,000 - Married
Additional $20,000 phase out | | Limitation on Cost of Purchased Home | None | $800,000 - Effective date of Enactment | | Purchased by a Dependent | No Provision | Ineligible - Effective Date of Enactment | | Anti-fraud Rule | None | Purchaser must attach documentation of purchase to tax return. |
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