Homebuyer Tax Credit Extended & Broadened

The Worker, Homeownership, and Business Assistance Act of 2009 has extended the tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence. It also authorized a tax credit of up to $6,500 for qualified repeat home buyers.

Home buyers now have until April 30th, 2010 to execute a purchase contract, and June 30th, 2010 to close escrow.

For sales occurring after November 6th, 2009, income limits have been raised to $125,000 for single taxpayers and $225,000 for married couples.

-MC