1^st Time Buyer Credits	OLD CRAPPY FEDERAL	2009 FEDERAL CREDIT	CAL NEW HOME CREDIT
Amount	10% of purchase price, not to exceed $7,500	10% of purchase price, not to exceed $8,000	5% of purchase price, not to exceed $10,000, spread over 3 years
Principal Residence	Yes. US property only OK rent rooms	Yes. US property only OK rent rooms	Yes
Type	House/condo/houseboat/mobile Not purchased from family	Same	NEW HOME ONLY
1^st Time Buyer	Yes- 3 years, Buyer + spouse not own principal residence in US	Yes- 3 years, Buyer + spouse not own principal residence in US	Not limited to 1^st Time Buyers
Cal NEW HOME	Not applicable	Not applicable	YES. Never previously occupied
Duration	15 years: repay 100% balance	3 years: 100% repay Exception: Divorce/Death	2 years: 100% repay
Income limit	Single $75,000 Married: $150,000 Phases out over $20,000+	Single $75,000 Married: $150,000 Phases out over $20,000+	NO!!
Valid close date	4/9/2008 -11/30/2009	1/1/2009 – 11/30/2009	3/1/2009-xx/xx/09 / $100M RAN OUT = EXPIRED
Refundable	YES	YES	NO. may be used only to offset tax
OLD FEDERAL repayment	2008 credit is repayable over 15 years, start 2010 1040. More like an interest free loan. Too complicated. All due @ sale (within 15).	No	No
Multiple Buyers unmarried	Allocate freely. OK to ignore co-signer	Allocate freely. OK to ignore co-signer	Allocate by %
Limit	None	None	$100M expired 7/22
When to file	IRS form 5405 within 1040	IRS form 5405 within 1040. AMEND 2008. No repay	Must fax claim form to FTB
Old Federal limits	No revenue bond mortgage	Not applicable	Not applicable
Build your own	Move in is date of purchase	Move in is date of purchase	??????

Marc Weissman, Certified Specialist in Estate Planning

marcw@wwlaw.com

(650) 574-0362

www.wwlaw.com NOTE: Credit Saves Cash. Deductions reduce income; savings depend on your bracket.