Great news for both homeowners and buyers! The home buyer tax credit was both extended and expanded. The new deadline is April 30, 2010.
The tax credit deadline has not only been extended, but the bill now includes more buyers!
First-time home buyers will continue to receive a credit up to $8,000. Existing homeowners will receive a credit up to $6,500 if they have lived in their current residences for at least five years.
Qualifying income limits have also been increased to $125,000 for single tax filers and $225,000 for joint filers.
The purchase price of the home is capped at $800,000.
Home buyers do not have to repay the credit, provided the home remains their primary residence for 36 months after purchase.