First Time Home Buyer Tax Credit Extended
The tax credit Congress enacted in February which was to terminatate December 1st has been extended to April 30, 2010. A binding contract must be signed by then and the purchaser will have until July 1, 2010 to close. The first time homebuyer credit is $8,000. A first time homebuyer is under this bill is someone who has not had an interest in a principal residence in the past 3 years
Current Homeowner Tax Credit
The bill also extends a $6,500 tax credit to homeowners who have used their home being sold or sold, as a principal residence consecutively for 5 of the previous 8 years.
Other income and purchase price limitations apply.