The 2010 First Time Homebuyer Tax Credit | Cincinnati Homes For Sale

The 2010 First Time Homebuyer Tax Credit

Wed, 11/18/2009 - 3:37pm — carol.meadows

Now that the First Time Homebuyer Tax Credit has been extended, we wanted to break down the differences between the old tax credit and the new tax credit:

Visit the Federal Housing Tax Credit website

FEATURE	Jan 1 - Nov 30, 2009 Rules as enacted February 2009	Dec 1 - April 30, 2010 Rules as enacted November 2009
First-time Buyer Amount	10% of purchase price, up to a maximum of $8,000	Same
First-Time Homebuyer Requirement	Buyers may NOT have owned a principal residence in the 3 years preceding the purchase	Same
Current Homeowner - Amount of Credit	No Provision	$6,500 ($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 principal residence consecutively for 5 of the 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	$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
Anti-Fraud Rule	None	Purchaser must attach documentation of purchase to tax return

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