Congress has extended and expanded the homebuyer tax credit. The modifications became effective when President Obama signed the Bill on Friday, November 6th 2009.
First-Time buyer Credit $8,000 - ($4,000 married filing separate) First-time buyer eligibility - May not have had an interest in a principal residence for 3 years prior to purchase. Current Homeowner - Amount of Credit $6,000 ($3,250 married filing separate) Mast have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years. Income Limits $125,000 - single person, $225,000 - married, Additional $20,000 phase out Limitation on Cost of Purchased Home $800,000 Anti-Fraud Rule - Purchaser must attach documentation of purchase to tax return
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