Ave. Home Sale: $379,000
Congress has extended and expanded the homebuyer tax credit. The modifications in the column labeled “December 1 – April 30, 2010″ become effective when President Obama signs the bill. All changes made to the current credit become effective on that date, as well.
|
Feature |
Jan 1 – November 30, 2009 Rules as enacted February 2009 |
December 1 – April 30, 2010 Rules as enacted November 2009 |
|
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 residence 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 |
Date of Enactment |
|
Current Homeowner – Definition of Eligibility |
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 |
Purchses after November 30, 2009. (Becomes April 30, 2010 on Date of Enactment.) |
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 2, 2010 to close. |
|
Income Limits (Note: Increased income limits are effective as of date of enactment of bill) |
$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 Purchase Home |
None |
$800,000 Effective Date of Enactment |
|
Purchase by a Dependent |
No Provision |
Ineligible Effective Date of Enactment |
|
Anti-fraud Rule |
None |
Purchaser must attach documentation of purchase to tax return |
SOURCE: National Association of REALTORS(R) Government Affairs Division * 500 New Jersey Ave., NW * Washington DC 20001
Avg. Sales Price: 379,000
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