The Federal Government extended and expanded the Home Buyer Tax Credit. Now you can SELL and then buy to receive a tax credit.  Look at the table below to see if you can benefit!

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FEATURE	Jan 1 – November 30, 2009 Rules as enacted February 2009	December 1 – 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	Date of Enactment November 6, 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 November 6, 2009)	Purchases after April 30, 2010
Binding Contract Rule	None	So long as a written binging 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 the date of enactment)	$75,000-single $150,000 –married Additional $20,000 phase out	$125,000-single $250,000-married Additional $20,000 phase out
Limitation on Cost of Purchased Home	None	$800,000 Effective Nov. 6, 2009
Purchase by a Dependent	None	Ineligible Effective Nov. 6, 2009
Anti-fraud Rule	None	Purchaser must attach documentation of purchase to tax return

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