Saad S. Hallak

FEATURE

Jan 1 – November 30, 2009

Rules as enacted

February 2009

November 7 – April 30, 2010

Rules as enacted

November 2009

First-time Buyer

Amount of Credit

$8000

($4000 married filing separate)

$8000

($4000 married filing separate)

First-time 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

November 7, 2009

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

November 7, 2009

Purchase by a Dependent

No Provision

Ineligible

November 7, 2009

Anti-fraud Rule

None

Purchaser must attach documentation of purchase to tax return