Here’s a handy chart to help you out.
NAR Issue Brief
Homebuyer Tax Credit Changes
National Association of REALTORS® Government Affairs Division
500 New Jersey Avenue, NW, Washington DC, 20001
| 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) |
$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 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 | None | 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)
|
$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
|
| Purchase by a Dependent | No Provision | Ineligible
Effective Date of Enactment
|
| Antifraud
Rule |
None | Purchaser must attach documentation of purchase to tax return
|
This chart is just another way Dick Thackston and the REALTORS at R.H. Thackston & Company REALTORS can help you. Dick works with the other 34 New Hampshire, Vermont & Massachusetts agents in his 3 offices helping buyers find and close on homes. To see all the homes on the market today in New Hampshire, Vermont & Massachusetts visit www.dickthackston.com or give him a call today at 603.283.0622.
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