Attention Homebuyers

Congress has extended and expanded the homebuyer tax credit. The modifications became effective when President Obama signed the bill. All changes made to the current credit became effective on that date, as well.

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Feature	2010 Rules as enacted November 2009
Firsttime Buyer - Amount of Credit	$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
Current Homeowner - Amount of Credit	$6500 ($3250 married filing separate)
Effective Date - Current Owner	Date of Enactment
Current Homeowner - Definition for Eligibility	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 April 30, 2010
Binding Contract Rule	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)	$125,000 - single $225,000 - married Additional $20,000 phase out
Limitation on Cost of Purchased Home	$800,000 Effective Date of Enactment
Purchase by a Dependent	Ineligible Effective Date of Enactment
Antifraud Rule	Purchaser must attach documentation of purchase to tax return

Certain restrictions apply. Information on our website should not be considered tax advise. Please consult with your tax advisor.







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