Homebuyer Tax Credit Changes

*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

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