Feature

Jan. 1 2009 – Nov. 30 2009 Rules as enacted February 2009

Dec. 1 2009 – April 30 2010 Rules as enacted November 2009

First-time Buyer – Amount of Credit

$8,000 ($4,000 married filing separate)

$8,000 ($4,000 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

$6,500 ($3,250 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 – 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