FEATURE

Jan 1 - November 30, 2009
December 1 -
April 30, 2010
First Time Buyer -
Amount of Credit
$8000
($4000 married
filing separate)
$8000
($4000 married
filing separate)
First Time 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 April 30, 2010

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
$75,000 - single
$150,000 - married
Additional $20,000 phaseout
$125,000 - single
$250,000 - married
Additional $20,000 phaseout      
Limitation on Cost of
Home Purchased

None

$800,000
Purchase by a
Dependent

No Provision

Ineligible
Anti-Fraud Rule

None
Purchaser must attach
documentation of purchase
to tax return
 
The information above has been provided by the National Association of Realtors, Governmental Affairs Division.