http://www.newtonandbrooklinehomes.com/Homebuyer Tax Credit Changes.php

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Congress has extended and expanded the homebuyer tax credit.

Feature	Jan1-November 30, 2009 Rules as enacted February 2009	December 1-April 30,2010 2010 Rules as enacted November 2009

First-time Buyer- Amount of Credit	$8,000 ($4,000 married filing seperate)	$8,000 ($4,000 married filing seperate)

First-time Buyer- Definition of Eligibility	May not have 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 seperate)

Effective Date- Current Owner	No Provision	Date of enactment

Current Homeowner-Definition of Eligibility	No Provision	Must have used the home sold or being sold as a principal residence consecutively for 5 of the 8 years

Termination of Credit	Purchase after November 30, 2009. (Becomes April 30, 2010 on Date of Enactment.)	Purchase after April 30, 2010

Binding Contract Rule	None	So long as the 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 Purchase of home	None	$8,000 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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