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Otteau Report October 2009

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  • 1. NAR Issue Brief Homebuyer Tax Credit   ® National Association of REALTORS Government Affairs Division 500 New Jersey Avenue, NW, Washington DC, 20001 Jan 1 – November 30, 2009 November 7 – April 30, 2010 FEATURE Rules as enacted Rules as enacted February 2009 November 2009 $8000 $8000 First-time Buyer ($4000 married ($4000 married Amount of Credit filing separate) filing separate) May not have had an interest in First-time Buyer a principal residence for 3 years Definition for Eligibility Same prior to purchase $6500 Current Homeowner No Provision ($3250 married Amount of Credit filing separate) Effective Date No Provision November 7, 2009 Current Owner Must have used the home sold Current Homeowner or being sold as a principal No Provision Definition for Eligibility residence consecutively for 5 of the previous 8 years Purchases after November 30, 2009. Purchases after Termination of Credit (Becomes April 30, 2010 on April 30, 2010 Date of Enactment.) So long as a written binding contract to purchase is in Binding Contract Rule None effect on April 30, 2010, the purchaser will have until July 1, 2010 to close. Income Limits $75,000 – single $125,000 – single (Note: Increased income $150,000 – married $225,000 – married limits are effective as of Additional $20,000 phase out Additional $20,000 phase out date of enactment of bill) Limitation on Cost of $800,000 None Purchased Home November 7, 2009 Ineligible Purchase by a Dependent No Provision November 7, 2009 Purchaser must attach Anti-fraud Rule None documentation of purchase to tax return

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