First-Time Homebuyer Credit 2009 New Rules
Chart. The following chart summarizes some of the first-time homebuyer credit rules based on date of purchase from the Tax Authority Update Bulletin, published by Tax Materials Inc, www.thetaxbook.com
| Date of Purchase | Main home purchased after 4/8/2008 and before 1/1/2009. | Main home purchased after 12/31/2008 and before 11/7/2009. | Main home purchased after 11/6/2009 and before 7/1/2010 (written binding contract signed before 5/1/2010), or 7/1/2011 (written binding contract signed before 5/1/2011) for qualified official extended duty service. |
| Date of Purchase Definition | The date of purchase is the date title closes. If the taxpayer constructs the residence, the date of purchase is the date the taxpayer first occupies the residence. | The date of purchase is the date title closes. If the taxpayer constructs the residence, the date of purchase is the date the taxpayer first occupies the residence. | The date of purchase is the date title closes. If the taxpayer constructs the residence, the date of purchase is the date the taxpayer first occupies the residence. |
| Credit Amount | The smaller of 10% of the purchase price or $7,500 ($3,750 MFS). | The smaller of 10% of the purchase price or $8,000 ($4,000 MFS). | The smaller of 10% of the purchase price or $8,000 ($4,000 MFS), or $6,500 ($3,250 MFS) for certain long-time residents (see first-time homebuyer below). |
| First-Time Homebuyer | Must not have owned a principal residence in the U.S. during the 3-year period prior to the purchase of the home. | Must not have owned a principal residence in the U.S. during the 3-year period prior to the purchase of the home. | Must not have owned a principal residence in the U.S. during the 3-year period prior to the purchase of the home. A long-time resident who has maintained the same principal residence for any 5-consecutive year period during the 8-year period ending on the date of the purchase of a subsequent principal residence is treated as a first-time homebuyer. |
| AGI Phase-out | Credit phases out when modified AGI is between $75,000 and $95,000 ($150,000 and $170,000 for MFJ). | Credit phases out when modified AGI is between $75,000 and $95,000 ($150,000 and $170,000 for MFJ). | Credit phases out when modified AGI is between $125,000 and $145,000 ($225,000 and $245,000 for MFJ). |
| Refundable? | Yes | Yes | Yes |
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