Key Features of the Extended Tax Credit “December 1 – April 30, 2010″

[1] First Time Buyer – Amount of Credit

- $8000 ($4000 married filing separate)

[2] First Time Buyer – Who is eligible?

- Purchaser may not have had interest in a principal residence for 3 years prior to purchase.

**[3] Current Homeowner – Amount of Credit (NEW)

- $6500 ($3250 married filing separate)

[4] Effective Date – Current Owner

- Date of Enactment

[5] 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

[6] Termination of Credit

- Purchases after April 30, 2010

[7] 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

[8] Income Limits

- $125,000 for single people + $225,000 for those that are married; Additional $20,000 phase out

[9] Limitation on cost of purchased home

- $800,000 Effective Date of Enactment

[10] Purchase by a Dependant

- Ineligible Effective Date of Enactment

[11] Anti-Fraud Rule

- Purchaser must attach documentation of purchase to tax return

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