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FEATURE
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Jan. 1 - November 30,2009
Rules as enacted
February 2009
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November 7 - April 30, 2010
Rules as enacted
November 2009
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First-time Homebuyer
Amount of Credit
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$8000
($4000 married filing separate)
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$8000
($4000 married filing separate)
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First-time Homebuyer
Definition for Eligibility |
May not have had an interest in a principal residence for 3 years prior to purchase
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SAME
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Current Homeowner
Amount of Credit
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No Provision
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$6500
($3250 married filing separate)
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Current Homeowner
Definition for Eligibility |
No Provision
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Must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years
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Effective Date
Current Owner |
No Provision
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November 7, 2009
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| Termination of Credit |
Purchases after Nov. 30,2009
(Becomes April 30, 2010 on Date of Enactment)
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Purchases after April 30, 2010
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| Binding Contract Rule |
NONE
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So long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have til July 1, 2010 to close
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Income Limits
(Note: Increased income limits are effective as of date of enactment of the bill) |
$75,000 - single
$150,000 - married
Additional $20,000 phase out
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$125,000 - single
$225,000 - married
Additional $20,000 phase out
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Limitation on Cost of
Purchased Home |
NONE
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$800,000
November 7, 2009
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Purchase by a Dependent
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No Provision
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Ineligible
November 7, 2009
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| Anti-fraud Rule |
NONE
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Purchaser must attach documentation
of purchase to tax return
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