On Thursday of last week the extension and expansion of the Homebuyer Tax Credit passed through the House of Representatives. On Friday the President signed it.
The bill extends and expands the $8,000 homebuyer tax credit through April 30, 2010. The bill also revises income limits and would allow a $6,500 "move-up" buyer tax credit for those who have lived in their current principal residence for 5 or more years. In addition, the bill will allow borrowers who have entered into a contract by April 30th to have 60 days (June 30th) to complete the transaction.
Additional Highlights of the updated bill:
Income limits increase to $125,000 for single and $250,000 for married
$800,000 limit of cost of home
Properties purchased by a dependent are now ineligible
Purchaser must now attach proof of purchase of home to tax return
Changes are effective on the date of enactment
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