National and DC Homebuyer Tax Credit Comparison
National Homebuyer Credit
Purchased principal residence 1/1/09-11/30/09
Did not own a principal residence during 3-year period ending on date of purchase
Cannot claim if modified AGI- adjusted gross income is $95,000 or greater ($170,000 if MFJ-married filing jointly). Phase out begins at $75,000 ($150,000 MFJ-married filing jointly)
Maximum Credit $8,000 ($4,000 if MFS-married filing seperately)
No repayment (unless such residence is sold within 36 months after purchase)
Home must be in U.S.
DC Homebuyer Credit
Purchased principal residence in 2009
Did not own a principal residence in D.C. during the 1-year period ending on date of purchase
Cannot claim if modified AGI $90,000 or greater ($130,000 if MFJ-married filing jointly). Phase out begins at $70,000 ($110,000 if MFJ-married filing jointly)
Cannot claim if claimed D.C. First-Time Homebuyer Credit in any prior year
Cannot claim if eligible for First-Time Homebuyer Credit or if previously claimed the D.C. First-Time Homebuyer Credit
Maximum Credit $5,000 ($2,500 if MFS-married filing seperately)
No repayment
Home must be in D.C.
