The home buyer tax credit is likely going to be extended to higher income individuals as well as existing home owners through April 30, 2010. The extension which should be finalized this week, will extend the existing $8,000 tax credit for first time buyers until the end of April and will increase the income limits to $125,000 as an individual or $225,000 as a couple.
Additionally, a credit of up to $6,500 will be extended to repeat home buyers who have owned their current home 5 years or more.
The Senate is scheduled to vote on the final bill this week and it is expected to be passed in the House soon after. We will update our page with more details as they become available.
