Congress has extended and expanded the homebuyer tax credit. New rules become effective November 6, 2009.
NOVEMBER 6, 2009 - APRIL 30 2010
Amount of credit Up to $8,000
(first time buyer) $4,000 married filing
separately)
Definition of May not have had interest in a
Eligibility principal residence for the past
3 years prior to purhcase
Current Homeowner Up to $6,500
Amount of Credit (3,250 married filing
separately)
Effective date November 6, 2009
Definition of Used as principal residence for at
Eligibility - least 5 consecutive years out
Current Homeowner out of previous 8 years
Expiration of Credit May 1, 2010
Contract Date Rule Must close by 6/30/2010
Income Limits $125,000 single
Effective November 6, 2009 $225,000 married
Additional $20,000 phase
out
Cost of Home Limits $800,000
Effective November 6, 2010
Purchase by Dependant Not eligible for credit
Anti-Fraud Rule Must attach HUD1 to tax
return
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