The U.S. Senate & the House of Representatives have extended the existing $8000 tax credit for 1st time homebuyers until May 1,2010. A new $6500 tax credit will be available for repeat buyers who purchase between Dec. 1, 2009 and May 1, 2010. To qualify, buyers must have used their home as their principal residence consecutively for 5 of the previous 8 years.
Income limits are $125,000 on a single return and $225,000 on a joint return.
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