| FEATURE | 2009 Home Buyers Credit
1/1/2009 - 11/30/2009
Rules as enacted 2/2009 | 2010 Home Buyers Credit
12/1/2009 - 4/30/2010
Rules as enacted 11/2009 |
| First Time Buyer - Amount of Credit | $8000 $4000 married filing separate) | $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 | Same |
| Current Homeowner - Amount of Credit | No Provision | $6500 ($3250 married filing separate) |
Effective Date -
Current Owner | No Provision | Date of Enactment |
| Current Homeowner - Definition for Eligibility | No Provision | Must have used the same home sold or being sold as a principal residence consecutively for 5 of the previous 8 years |
| Termination of Credit | Purchase after November 30, 2009 | Purchases after April 30, 2010 |
| Binding Contract Rule | None | So long as a written binding contract to purchase is in effect on April 10, 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) | $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 Effective Date of Enactment |
| Purchased by a Dependent | No Provision | Ineligible Effective Date of Enactment |
| Anti-Fraud Rule | None | Purchaser must attach documentation of purchase to tax return |