On November 6, 2009 a law was signed expanding the tax credits available for homebuyers and setting new deadlines.  There is now a $6,500 tax credit available for 'long time residents', and a deadline of April 30, 2010. 

Highlights of the expansion include the following:

- The buyer must have owned and used the same home as a principal/primary residence for at least five consecutive years of the eight-year period ending on the date the new primary residence is purchased.

- If a buyer enters into a binding contract by April 30, 2010, the buyer has until June 30, 2010, to settle on the purchase.

- For all qualifying purchases in 2010, taxpayers have the option of claiming the credit on either their 2009 or 2010 tax returns.

- The full credit will be available to taxpayers with modified adjusted gross incomes (MAGI) up to $125,000, or $225,000 for joint filers. Those with MAGI between $125,000 and $145,000, or $225,000 and $245,000 for joint filers, are eligible for a reduced credit.  Incomes above that level do not qualify.

- Members of the Armed Forces and certain federal employees serving outside the U.S. have an extra year to buy a principal residence in the U.S. and still qualify for the credit.

Click Here for a copy of the original IRS article

Click Here to visit the IRS homebuyer credit page