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Extended Home Buyers Tax Credit 2009/2010 Tax Credit: $6,500 for current homeowners, $8,000 for First-time Homebuyers End April 30, 2010 Call our Office for questions or further details: (406) 265-2253
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| FEATURE | January 1- November 30, 2009 Rules as enacted February 2009 | December 1- April 30, 2010 Rules as enacted November 2009 |
| First-time Buyer- Amount of Credit | $8,000 ($4,000 married filing separately) |
$8,000 ($4,000 married filing separately) |
| First-time Buyer- Definition for Eligibility | May not have had an interest in a principal residence for 3 years prior to purchase | Same |
| Current Homeowner- Amount of Credit | No Provision | $6,500 ($3,250 married filing separate) |
| Effective Date- Current Owner | No Provision | Date of Enactment |
| Current Homeowner- Definition for Eligibility | No Provision | Must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years |
| Termination of Credit | Purchases after November 30, 2009. (Becomes April 30, 2010 on Date of Enactment.) | Purchases after April 30, 2010 |
| Binding Contract Rule | None | 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) | $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 Purchased Home | None | $800,000 Effective Date of Enactment |
| Purchase by a Dependent | No Provision | Ineligible Effective Date of Enactment |
| Anti-fraud Rule | None | Purchaser must attach documentation of purchase to tax return |
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