Nov 19 2009
Summary Of Home Buyer Tax Credit Changes
|
Feature |
Jan 1 – Nov 30 2009 Rules Enacted February 2009 |
Nov 7, 2009 – April 30, 2010 Rules 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 |
November 7, 2009 |
| Current Homeowner – Definition for Eligibility |
No Provision |
Must have lived inprincipal residence consecutivelyfor 5 of the previous 8 years |
| Termination of Credit |
November 30, 2009 |
April 30, 2010
|
| Binding Contract Rule |
None |
So long as a written binding contract to purchase is ineffect on April 30, 2010, the purchaser will have until July 1, 2010 to close |
| Income Limits(Note: Increased income limits are effective as of November 7, 2009) |
$75,000 – single $150,000 – married Additional $20,000 phaseout |
$125,000 – single $225,000 – married Additional $20,000 phaseout |
| Limitation on Cost of Purchased Home |
None |
$800,000 |
| Purchase by a Dependent |
No Provision |
Ineligible |
| Anti-fraud Rule |
None |
Purchaser must attachdocumentation of purchase to tax return |
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