The tax credit was scheduled to expire on Dec. 1, but the new version comes with a later date and widens the range of those eligible to claim the credit. Learn more about the new tax credit when you read more.
- Homebuyers must sign a contract before April 30 and close on the home by June 30.
- The previous credit was limited to first-time buyers or buyers who haven't owned a home in the past three years. The new version has been expanded to include those who have owned a home for five out of the past eight years and want to buy a new one.
- First-time homebuyers are still eligible to receive the $8,000, while existing homeowners can qualify for a $6,500 tax credit.
- The income limits have been significantly raised. With the previous credit, single people making more than $75,000 or couples earning more than $150,000 didn't qualify for the full credit. Under the new version, single buyers can earn up to $125,000 while a married couple can earn $225,000 and still get the full credit.
Are you hoping to take advantage of the extended homebuyers tax credit?