$8,000 Homebuyers Tax Credit

Legislators and industry experts expect that the credit will encourage buyers to move up their purchase plans.  Taxpayers can claim credit through April 30, 2010.
On November 6, 2009, President Obama signed the Emergency Unemployment Compensation Extension Act into law. This legislation extended the first-time homebuyer tax credit until April 30, 2010. It also increased the salary caps. Single buyers can now claim the full tax credit if they make under $125,000 per year. Married buyers can earn up to $225,000 per year and still receive the full credit. The tax credit starts to gradually phases out at higher income levels. The new legislation also extends to current homeowners. Any buyer who has owned and occupied their existing home for 5 out of the past 8 years can claim a $6,500 tax credit until the end of April.