We provide updated information on all tax credits and incentives to assist you when purchasing or selling a home. Check back often for the latest news!
First-time Homebuyer Tax Credit Comparison
|
Feature |
January 1- November 6, 2009
Rules as enacted
February 2009 |
November 7 - April 30, 2009
Rules as enacted
November 2009 |
First-Time Buyer
Amount of Credit |
Lessser of 10% of cost of home or $8000
($4000 married filing separate) |
Lesser of 10% of cost of home or $8,000
($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 |
May not have had an interest in a principal residence for 3 years prior to purchase |
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 Enactiment.) |
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 purchaseer will have unitl July 1. 2010 to close. |
Income Limits
(Note: Increased income limits are effecive as of date of enactment of bill.) |
$75,000 - Single
$150,000 - Married
Additinoal $20,000 phase out |
$125,000 - Single
$225,000 - Married
Additional $20,000 phase out |
| Limitation on Cost of Purchased Home |
None |
$800,000
November 7, 2009 |
| Purchase by a Dependent |
No Provision
|
Ineligible
November 7, 2009 |
| Anti-fraud Rule |
None
|
Purchaser must attach documentation of purchase to tax return |
*Everyone's situation is different. Please consult your tax professional or attorney to determine your eligibility. Click here to view information on www.irs.gov.
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