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Information on the Home Buyer Tax Credit (updated 11/06/2009):

• The home buyer tax credit extension and expansion was signed into law on 11/06/2009.
• Under the new extension home buyers must write an offer on their future home by April 30, 2010 and close no later than July 1, 2010 in order to qualify for the tax credit.
• For first time home buyers the credit remains at $8,000. For the tax credit program, the IRS is defining a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
• The tax credit has been expanded to "move-up" buyers. Move-up buyers are existing home owners that purchase a new primary residence. These move-up buyers can claim a $6,500 tax credit on their purchase if they have lived in their currrent primary residence for five consecutive years of the last eight years.
• The income eligibility limits have been raised as well. The new income limits are as follows: single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
• Remember it is a tax credit, not a tax deduction. A tax credit is a dollar-for-dollar reduction in what the taxpayer owes. That means that a taxpayer who owes $3,000 in income taxes and who receives an $8,000 tax credit would end up receiving a $5,000 refund from the IRS.
• Click here for Frequently Asked Questions regarding the new changes.
• This is not tax advice, seek the advice of a tax professional.