Feature Credit ending Nov 30th, 2009 New Credit ends Apr 30th, 2010 Buying First Home Credit $8,000 ($4,000 married filing sep) $8,000 ($4,000 married filing sep) Buying First Home Eligibility Must have had no interest in a principal residence for previous 3 years Same Current homeowner Credit No Plan $6,500 ($3,250 married filing separate) Effective Date - Current Owner N/A Date of Enactment Current homeowner Eligibility N/A Must have used sale property as principal residence for 5 consecutive years of the last 8 Termination of Credit Post Nov 30th, 2009 Post April 30th, 2010 Binding Contract Rule N/A So long as a written binding contract to purchase is in effect on April 30th, 2010, closing must occur prior to July 1st, 2010 Income Limit $75,000- Single, $150,000 married $125,000 - Single, $225,000 - Married Max Purchase Cost N/A $800,000 Effective Date of Enactment Purchase by a Dependent N/A Dependents are Ineligible Buyers as of date of enactment Anti-fraud Rule N/A Documentation of purchase required to be attached to tax return
Good news for buyers and sellers –
Buyer Tax Credit was expanded and extended today by the Senate and Congress. President Obama is expected to sign which is good news for buyers and sellers alike.
Details of the plan changes follow:
