Current

New

Effective Date

· January 1, 2009

· November 7, 2009

Deadline

· Close on or before
November 30, 2009

· Contract signed before May 1, 2010, must close before July 1, 2010

· Members of the uniformed services, foreign services, and intelligence employees who served an extended service of 90 days will have until April 30, 2011 and June 30, 2011.

Amount

· First-Timers: maximum of $8,000 or 10% of sales price

· Prior Owners: $0

· First-Timers: Unchanged

· Prior Owners: $6,500 if lived in prior home for at least 5 years of past 8 years

Income Limit

· Individual: $75,000

· Couple: $150,000

· Individual: $125,000

· Couple: $225,000

Other Restrictions

· Home must be primary residence for at least 3 years. If home is sold or buyer moves before 3 years, must re-pay full amount of credit.

· Buyer must be at least 18 years old and not classified as a dependent for tax purposes

· Home must cost less than $800,000

· New Home must be primary residence for at least 3 years following purchase. If home is sold or buyer moves, before 3 years, must re-pay full amount of credit. Exception for military, foreign services, or intelligence with extended 90 days service overseas.

How to claim

· If purchased in 2009, by amending 2009 tax return or claiming on 2010 tax return

· If purchased in 2010, by amending 2010 tax return or claiming on 2011 tax return.