Popular $8,000 First-Time Homebuyer Tax Credit Extended – Move Up Tax Credit Added…
The United States Senate has passed legislation to extend the $8,000 first-time homebuyer tax credit through April 30, 2010. The first-time homebuyer tax credit program was set to expire November 30, 2009.
The Senate also approved legislation to expand a “move-up” tax credit to give all homebuyers a $6,500 credit as long as they had been in their previous home for at least five years.
Both the $8,000 first-time homebuyer tax credit as well as the $6,500 tax credit for “move-up” buyers will expire April 30, 2010.
It would be limited to homebuyers who make $125,000 or less as an individual or $225,000 or less as a couple. The cost of the home being purchased may not exceed $800,000.