The extension and expansion of the popular first-time home

buyers tax credit gives both new and move-up buyers a tax

incentive to buy a home until at least April 30, 2010, and

longer for military personnel.

1) The new tax credit extends the existing credit for first-time

home buyers, worth up to $8,000, and offers a new credit of

up to $6,500 for some existing homeowners.

2) The reduced credit for existing homeowners is available to

those who have been in their current residence for a

consecutive five-year period.

3) The new rule also raises the qualifying income limits to

$125,000 for single taxpayers and $225,000 for joint

taxpayers, from the current $75,000 and $150,000.

4) The maximum allowed home purchase price is $800,000.

5) A home buyer must have a sale agreement in hand by

April 30 and close escrow by June 30, 2010.

6) Military personnel, deployed overseas for a minimum of

90 days in 2008 or 2009, would have until April 30, 2011 to

claim the tax credit.