$8,000 First Time Home Buyer Tax Credit Extended

The first time home buyer tax credit has been extended and expanded. The $8,000 credit has been extended by six months.  There has also been an expansion to include current home owners who want to buy.  Sorry, nothing for Investors.  Current home owners can get a $6,500 tax credit when they purchase a new home. This is pretty similar to the article we posted earlier on the $8,000 Tax Credit.

• The credit is available for homes that go under contract by April 30, 2010 and CLOSE by June 30th, 2010.
• If you are a current homeowners, you can claim a $6,500 credit as long as the property you are vacating has been your primary residence for at least five consecutive years.  
• For the Rich there are Income limits: $125,000 a year for individuals, $225,000 a year for married couples.  
• Homes that cost more than $800,000 aren’t eligible for the credit. Again, sorry to the rich folks. 
• $6500 tax credit is not retroactive. What that means is that you only get the credit if you purchase a home after the Bills is effective.