First Time Home Buyer Tax Credit Comparison Chart (2008 - 2010)
This FTHB Tax Credit Comparision Chart provides an "At-A-Glance" look at of the following:
- Original Tax Credit as enacted in the Housing and Economic Recovery Act of 2008 (July 2008)
- Revised Tax Credit as enacted in the American Recovery and Reinvestment Act of 2009 (Feb 2009)
- Revised Tax Credit as enacted in the Worker, Homeownership and Business Assistance Act of 2009 (Nov 2009)
| FEATURES |
Original Tax Credit (Enacted July 2008) |
Revised Tax Credit (Enacted Feb 2009) |
Revised Tax Credit (Enacted Nov 2009) |
|
Effective Dates (Closings) |
Apr 9, 2008 - Dec 31, 2008 |
Jan 1, 2009 - Nov 6, 2009 |
Nov 7, 2009 - June 30, 2010* * If binding contract in place on or before April 30, 2010 |
|
Deadlines |
Dec 31, 2008 (Previously through June 30, 2009) |
Nov 6, 2009 (Previously through November 30, 2009) |
April 30, 2010 With a 60-day extension to close (i.e., on or before June 30, 2010) if a binding contract is in place on or before the Apr 30th deadline |
|
Maximum Credit 10% of purchase price, up to a maximum of: |
$7,500 |
$8,000 |
$8,000 |
|
General Eligibility |
NO interest in a principal residence for 3 years prior to purchase |
Same |
Same |
|
Income Limits (AGI) |
$75,000 - Single $150,000 - Married Addt'l $20K Phase Out |
$75,000 - Single $150,000 - Married Addt'l $20K Phase Out |
$125,000 - Single $225,000 - Married Addt'l $20K Phase Out |
|
Eligible Property Types |
Single family residence that will be used as a primary residence. (Includes condos, co-ops, and townhomes) |
Same |
Same |
|
Regular Recapture (Repayment) |
15-year Recapture Period: 6.67% of credit (or $500) to be repaid each year for 15 years, starting with 2010 tax |
None |
None |
|
Accelerated Recapture (Repayment) |
Outstanding Balance is recaptured on sale if home sold before 15-year repayment period terminates |
Full Recapture (entire amount of credit) paid on sale* *3-Year Occupancy Rule: Full repayment of credit if home is sold within three (3) years of purchase |
Full Recapture (entire amount of credit) paid on sale* *3-Year Occupancy Rule: Full repayment of credit if home is sold within three (3) years of purchase |
|
Bond Financing |
Tax Credit is NOT Allowed if the purchase is financed with state or local bond funding. |
Tax Credit is Allowed in conjunction with state or local bond financing |
Tax Credit is Allowed in conjunction with state or local bond financing |
|
Max Purchase Price |
None |
None |
$800,000 |
|
Purchase (Dependent) |
No Provision |
No Provision |
Ineligible |
|
Addt'l Requirements |
None |
None |
Must attach documentation of purchase to tax return |
MORE INFORMATION
For more information on the First Time Home Buyer Tax Credit, please check out these links.
Federal Housing Tax Credit (NAHB)
Homebuyer Tax Credit Changes (Comparison Chart)
FAQs Home Buyer Tax Credit Changes
First-Time Homebuyer Credit (IRS)
Home Buyer Tax Credit: Latest News (NAR)
RELATED POSTS
- Home Buyer Tax Credit 2010 - Revised November 2009 (Extended and Expanded)
- Home Buyer Tax Credit 6500 - Current Homeowners (Repeat Buyers)
- Home Buyer Tax Credit 8000 - First Time Home Buyer (Extended), Expires April 30, 2010
- Home Buyer Tax Credit for Military - First Time Home Buyers and Current Homeowners
- Home Buyer Tax Credit 8000 - First Time Home Buyer, Expires November 30, 2009
If you have any real estate questions, please contact me. Whether buying, selling, or just curious to learn more, I'm here to assist you. Please contact me with your questions. I look forward to hearing from you.
This post is provided for informational purposes only. If you have specific questions or individual concerns regarding the tax credit, please contact a tax professional or the Internal Revenue Service at 800-829-1040.
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