NAR Issue Brief
Homebuyer Tax Credit
National Association of REALTORS
500 New Jersey Avenue, NW, Washington DC, 20001
® Government Affairs Division
November 7 – April 30, 2010 Rules as enacted November 2009
FEATURE
First-time Buyer Amount of Credit: $8000($4000 married filing separate)
First-time Buyer Definition for Eligibility: May not have had an interest in a principal residence for 3 years prior to purchase
Current Homeowner Amount of Credit: $6500($3250 married filing separate)
Effective Date Current Owner: November 7, 2009
Current Homeowner Definition for Eligibility: Must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years.
Binding Contract Rule: 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: (Note: Increased income limits are effective as of date of enactment of bill) $125,000 – single, $225,000 – married, Additional $20,000 phase out
Limitation on Cost of Purchased Home: $800,000 November 7, 2009
Purchase by a Dependent: as of November 7, 2009 Ineligible
Anti-fraud Rule: Purchaser must attach documentation of purchase to
Termination of Credit: Purchases after April 30, 2010
For the full report visit: NAR Issue Brief Homebuyer Tax credit
KIMBERANNA_COM
Not sure where good ole John is going with this song…but you have to admit, it’s got a wicked hook!
I must admit I now have a personal stake in this game since MyST LOVE, Love, loves the Denver BRONCOS. Regardless…my money is on Denver for the win tonight on their home field!
Even I was surprised by the Broncos impressive 6-1 record. I think beating the Cowboys & the Patriots was just the shot in the arm the Broncos needed to finally gain back the respect they so richly deserve. Last weeks loss to the Ravens is sure to have added some FUEL to the Broncos FIRE. 
“That’s right! The rumors are TRUE…President Obama signed an extension & expansion of the first-time homebuyers tax credit last Friday.”
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