1ST TIME HOME BUYERS TAX CREDIT EXTENDED

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NAR Issue Brief
Homebuyer Tax Credit Changes
National Association of REALTORS® Government Affairs Division

500 New Jersey Avenue, NW, Washington DC, 20001
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 $8000 ($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
Current Homeowner – Amount of Credit $6500 ($3250 married filing separate)
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 November 30, 2009 (Becomes April 30, 2010 on Date of Enactment.)

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)
Effective Date 1-01-09 $75,000 – single $150,000 – married Additional $20,000 phase out
Effective Date 12-01-09 through 4-30-2010 $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 No Provision Ineligible Effective Date of Enactment

Antifraud Rule  Purchaser must attach documentation of purchase to tax return

** If I can be of help to you or someone you know, Please give me a call 513-465-6748
     THANK YOU 

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Marlayne Skeens Members Profile Send Private Message Find Members Posts Visit Members Homepage Add to Buddy List MUSA Resident Joined: Sep 26 2009 Location: Middletown Status: Offline Points: 125	Post Options Post Reply Quote Marlayne Skeens Report Post Thanks(0) Quote Reply Topic: 1ST TIME HOME BUYERS TAX CREDIT EXTENDED Posted: Nov 05 2009 at 8:56pm
	NAR Issue Brief Homebuyer Tax Credit Changes National Association of REALTORS® Government Affairs Division 500 New Jersey Avenue, NW, Washington DC, 20001 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 $8000 ($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 Current Homeowner – Amount of Credit $6500 ($3250 married filing separate) 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 November 30, 2009 (Becomes April 30, 2010 on Date of Enactment.) 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) Effective Date 1-01-09 $75,000 – single $150,000 – married Additional $20,000 phase out Effective Date 12-01-09 through 4-30-2010 $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 No Provision Ineligible Effective Date of Enactment Antifraud Rule Purchaser must attach documentation of purchase to tax return If I can be of help to you or someone you know, Please give me a call 513-465-6748 THANK YOU**
	I offer Professional, Ethical Service and a Smile, while Following The Golden Rule ~ Thank You :-) *For ALL Your Real Estate Needs Call Marlayne with Real Living Realty Services @ 513-465-6747