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Friday, November 6, 2009 - Congress and the President Sign Bill for Tax Credit Extension and Expansion.
New: $6,500 Current Homeowner Tax Credit. Extended: $8,000 First-Time Homebuyer Tax Credit. See below for key points, or view our Frequently Asked Questions.
Have a question about the $8,000 First-Time Homebuyer Tax Credit? We're not tax professionals, but more than likely we can help! Call us at
(877) 794-9090 or click here to ask a question!
Homebuyer Tax CreditAs modified and expanded in H.R. 3548 - Nov 6, 2009 |
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| FEATURE | Jan 1 2009 - Nov 5 2009 | Nov 6 2009 - April 30, 2010 |
| First-time Buyer - Amount of Credit |
$8,000 ($4,000 married filing separate) | $8,000 ($4,000 married filing separate) |
| First-time Buyer - Definition for Eligibility | May not have had an interest in a principal interest for 3 years prior to purchase | Same |
| Current Homeowner - Amount of Credit | No Provision | $6,500 ($3,250 married filing separate) |
| Effective Date - Current Owner | 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 (now set to April 30, 2010, though) | 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 | $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 |
| Purchase by a Dependent | No provision | Ineligible |
| Anti-fraud Rule | None | Purchaser must attach documentation of purchase to tax return |
Have a question? Either call us at (877) 794-9090, or click here to submit your question online.
CAVEAT: THIS INFORMATION IS BELIEVED TO BE ACCURATE, BASED ON INFORMATION AVAILABLE AS OF FEBRUARY 16, 2009. AS WITH ANY TAX LAW CHANGE, CHECK WITH A TAX ADVISOR IF THERE ARE QUESTIONS ABOUT USING THIS PROVISION.
