Home Buyer Tax Credit Extended

Home Buyer Tax Credit Extended: From GovGab:
"Back in October, Jess asked Gov Gab readers what they thought about Congress expanding the first-time home buyer tax credit.
If you remember, the first-time home buyer tax credit gave up to $8,000
to a buyer who has not owned a primary residence during the three years
up to the date of home purchase. The credit was due to end this month.

Congress passed the Worker, Homeownership, and Business Assistance Act of 2009 which extends
the deadline for qualifying home purchases from Nov. 30, 2009, to April
30, 2010. The Internal Revenue Service web page
has posted details on the changes in the extension law and the big news
is that if you already own a home, you may be eligible for a tax credit
of up to $6,500.
The new law provides a “long-time resident” credit of up to $6,500
to others who do not qualify as “first-time home buyers.” To qualify
this way, a buyer must have owned and used the same home as a principal
or primary residence for at least five consecutive years of the
eight-year period ending on the date of purchase of a new home as a
primary residence.
The extension also permits a rise in income limits and other provisions. The IRS is the best resource to read about all the changes and what you will need to do to receive the credit.
What do you think of the Worker, Homeownership, and Business Assistance Act of 2009?"