Your Estridge HomeSite

From the National Association of Realtors:
Congress has extended and expanded the homebuyer tax credit. The modifications in the column labeled “December 1 – April 30, 2010” become effective when President Obama signs the bill. All changes made to the current credit become effective on that date, as well.

PRINT National Association of Realtors Chart

Feature	Jan 1 – November 30, 2009 Rules as enacted Feb 2009	December 1 – April 30, 2010 Rules as enacted Nov 2009
Firsttime Buyer – Amount of Credit	$8000 ($4000 married filing separate)	$8000 ($4000 married filing separate)
Firsttime 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	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	No Provision	Purchases after April 30, 2010
Binding Contract Rule	Purchases after November 30, 2009. (Becomes April 30, 2010 on Date of Enactment.)	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)	None	$125,000 – single $225,000 – married Additional $20,000 phase out
Limitation on Cost of Purchased Home	$75,000 – single $150,000 – married Additional $20,000 phase out	$800,000 Effective Date of Enactment
Purchase by a Dependent	No Provision	Ineligible Effective Date of Enactment
Antifraud Rule	None	Purchaser must attach documentation of purchase to tax return