FEATURE

Jan 1 – November 30, 2009

December 1 – April 30,

Rules as enacted February 2009 $8000

2010 Rules as enacted November 2009 $8000

First time Buyer – Amount of Credit

($4000 married filing separate)

($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 No Provision

Same$6500

Current Homeowner Amount of Credit

–

No Provision

($3250 married filing separate)

Effective Date – Current Owner

No Provision

Date of Enactment Must have used the home

Current Homeowner – Definition for Eligibility

Purchases after

sold or being sold as a principal residence consecutively for 5 of the previous 8 years Purchases after

Termination of Credit

November 30, 2009.(Becomes April 30, 2010 on Date of Enactment.)None

April 30, 2010 S

Binding Contract Rule

$75,000 – single

o 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)

$150,000 – marriedAdditional$20,000 phase out None

$125,000 – single $225,000 – marriedAdditional$out20,000 phase $800,000

Limitation on Cost of Purchased Home

No Provision

Effective Date of Enactment Ineligible

Purchase by a Dependent

None

Effective Date of Enactment Purchaser must attach

Antifraud Rule

documentation of purchase to tax return