Extended Home Tax Credit

Moses Lake Real Estate Agent Heather Adkinson

Feature	Jan 1-November 30 2009	December 1-April 30 2010
First time Home Buyer Amount of Credit	$8000.00 ($4000.00 married filing separately	$8000.00 ($4000.00 married filing separately
First time Home Buyer Amount of Credit	May not have had interest in a principal residence for 3 yrs prior to purchase	Same
Current Home owner Amount of Credit	No Provision	$6500.00 ($3250.00 married filing separately)
Effective Date Current Home Owner	No provision	Date of Enactment
Current Home Owner Definition for Eligibility	No provision	Must have used the home sold or being sold as a principal residence consecutively for 5 yrs of the previous 8
Termination of Credit	Purchases after November 30 2009 (Becomes April 30 2010 on enactment)	Purchases after April 30, 2010
Binding Contract Rule	None	So long as written and binding contract to purchase is in effect on April 30, 2010 the purchase 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 Purchase Homes	None	$800,000 enactment date
Purchase by Dependent	No provision	Ineligible
Anti-fraud rule	None	Purchaser must attach documentation of purchase to tax return.

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