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
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