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Homebuyer Tax Credit extension and expansion

NAR Issue Brief

Homebuyer Tax Credit

National Association of REALTORS® Government Affairs Division

500 New Jersey Avenue, NW, Washington DC, 20001

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

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

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

Posted: Tuesday, November 10, 2009 1:32 PM by Jon Becker

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