The Homebuyer Tax Credit is being extended to April 30, 2010 with different guidelines and provisions:
First-time Buyer

Amount of Credit
$8000 ($4000 married filing separate)

First-time Buyer Definition for Eligibility
May not have had an interest in a principal residence for 3 years prior to purchase

Current Homeowner Amount of Credit
$6500 ($3250 married filing separate)

Effective Date Current Owner
November 7, 2009

Current Homeowner Definition for Eligibility
Must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years

Termination of Credit
Purchases after April 30, 2010

Binding Contract Rule
So long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until
July 1, 2010 to close.

Income Limits (Note: Increased income limits are effective as of date of enactment of bill)
$125,000 – single
$225,000 – married
Additional $20,000 phase out

Limitation on Cost of Purchased Home
$800,000

Purchase by a Dependent
Ineligible

Anti-fraud Rule
Purchaser must attach documentation of purchase to tax return