Home Buyers Tax Credit

The first time homebuyer tax credit has officially been extended into 2010, however there are still deadlines and restrictions. The sales contract must be in effect by April 30, 2010 and must close no later than June 30, 2010. To be eligible for the full credit, single filers can earn up to $125,000, while the limit for joint filers is $250,000. Additionally, the sales price for the property must be $800,000 or less. The amount of the credit is the lesser of 10% of the purchase price of the home or $8,000, and can be used as a direct reduction in the person’s tax liability.http://ChrisAndDick.com