FEATURE

Jan 1 - November

30, 2009 rules as 

enacted 

February 2009

November 7 - April

30, 2010

Rules as enacted

November

2009

First-time

Buyer

Amount of

Credit

$8000

($4000 married

filing separate)

$8000

($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

Same

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

or the previous 8 years

Termination of Credit

Purchases after

November 30,

2009.

(Becomes April 30,

2010 on

Date of Enactment.)

Purchases alter

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

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