$8,000 Tax Credit Extended Until April 30, 2010!

You read that right - the Tax Credit has been extended until April 30, 2010. Now here is the scoop on the changes.

The original legislation provided an $8,000 tax credit for first-time home buyers. The new legislation passed by the Senate extends the $8,000 credit and expands it to provide a $6,500 tax credit to people looking to buy a new home after having owned and lived in a home for more than five years.

More than 70 percent of existing homeowners will now be eligible to take advantage of this program and use the credit to buy a new home.

Summary of the legislation:

Extends the $8,000 first time Homebuyers Tax Credit and creates a new $6,500 tax credit for homeowners buying a new home from December 1, 2009 to April 30, 2010.

Homebuyers with contracts as of April 30th qualify for the credit so long as they complete the transaction within 60 days.

Available to homebuyers with incomes of up to $125,000 for a single return or $225,000 for a joint return.

Available for homes costing up to $800,000.

Homebuyers who already own a home are only eligible if the home they are leaving has been used as a principal residence for five years or more.

Click here for an informative chart outlining these changes.

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