Tax Credit Table

November 6th, 2009

Congress has extended and expanded the homebuyer tax credit. The modifications in the column labeled “December 1 – April 30, 2010” become effective when President Obama signs the bill. All changes made to the current credit become effective on that date, as well.

FEATURE Jan 1 – November 30, 2009 Rules as enacted February 2009 December 1 – April 30, 2010 Rules as enacted November 2009
Firsttime Buyer – Amount of Credit $8000 ($4000 married filing separate) $8000 ($4000 married filing separate)
Firsttime 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 $6500 ($3250 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
Antifraud Rule None Purchaser must attach documentation of purchase to tax return


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Scot Campbell

Mr. Campbell is the President and Managing Broker of Coldwell Banker - Campbell Realtors in Huntington Beach, CA, and he has brokered over 1,000 homes. Mr. Campbell received his Bachelor of Arts Degree in Real Estate finance, and did his Graduate Studies in Real Estate Economics both at California State University, Fullerton. Mr. Campbell has been licensed in real estate since 1986, obtained his broker’s license in 1990, and was one of the first to pass the State of California Certified Residential Real Estate Appraiser’s exam in 1992. Mr. Campbell has a 100% customer satisfaction philosophy and more than half of his business is from repeat & referrals.
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