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FEATURE
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2009 Home Buyers Credit
1/1/2009 - 11/30/2009
Rules as enacted 2/2009
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2010 Home Buyers Credit
12/1/2009 - 4/30/2010
Rules as enacted 11/2009
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First-time Buyer - Amount of Credit
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$8,000 ($4,000 married filing separate)
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$8,000 ($4,000 married filing separate)
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First-time Buyer - Definition for Eligibility
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May not have had an interest in a principal residence for 3 years prior to purchase
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Same
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Current Homeowner - Amount of Credit
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No Provision
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$6,500 ($3,250 married filing separate)
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Effective Date - Current Owner
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No Provision
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Date of Enactment
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Current Homeowner - Definition for Eligibility
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No Provision
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Must have used the same home sold or being sold as a principal residence consecutively for 5 of the previous 8 years
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Termination of Credit
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Purchase after November 30, 2009.
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Purchases after April 30, 2010
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Binding Contract Rule
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None
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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
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Income Limits (Note: Increased income limits are effective as of date of enactment of bill)
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$75,000 - Single
$150,000 - Married
Additional $20,000 phase out
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$125,000 - Single
$225,000 - Married
Additional $20,000 phase out
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Limitation on Cost of Purchased Home
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None
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$800,000 Effective Date of Enactment
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Purchased by a Dependent
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No Provision
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Ineligible Effective Date of Enactment
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Anti-fraud Rule
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None
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Purchaser must attach documentation of purchase to tax return
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