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Tax Credit Extension and Expansion Explained
Tax Credit Extension and Expansion Explained
  
Tax Credit
The $8,000 tax credit for first time buyers has been extended to April 30, 2010 ( June 30 for committed contracts signed by April 30 ). The credit is 10% of the purchase price to an  $8,000 maximum.
Effective 11/7/09 a new tax credit of $6,500 is available to homebuyers who were existing homeowners for 5 of the previous 8 years ( based on the closing date of the new purchase ). 
The maximum price for a home to qualify for the existing homeowner credit is $800,000.
How It Works
You can apply for the credit for your 2008 tax return or your 2009 tax return for a 2009 purchase and 2009 or 2010 returns for a 2010 purchase.
If you apply for the credit on your 2008 return ( which was already filed), and if you don't owe
any unpaid taxes, the IRS will send you a check for the $8,000 ( or your actual credit amount). If you file with your 2009 return, the credit will offset any taxes due or will be added to your refund.
The time to receive the check may be little as 2 weeks.
 
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