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Homebuyer Tax Credit Extended and Expanded

Your guide to what's new in the
Worker, Homeownership, and Business Assistance Act of 2009

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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

For complete details, please consult your tax advisor.

Information from National Association of REALTORS.