Don’t miss the opportunity to be eligible for a tax credit on the purchase of a home.This is said to be the last tax credit that the government will offer, which was extended to April 30 for first time homebuyers and existing homeowners on November 6, 2009.

First time homebuyers can receive a credit of up to $8,000, while existing homeowners, who have owned their current homes for at least five years, are eligible for tax credits of up to $6,500 when they purchase a new home. To qualify, buyers in both groups must enter into a binding purchase agreement by April 30, 2010 and close by June 30, 2010.*

The credit is available for the purchase of principal homes costing $800,000 or less, meaning vacation homes are ineligible. The credit would be phased out for individuals with annual incomes above $125,000 and for joint filers with incomes above $225,000.

Under additional provisions in the bill, taxpayers can claim the credit on purchases completed in 2010 on their 2009 income tax returns. The bill contains the provision that homebuyers do not have to repay the credit provided the home remains their primary residence for 36 months after purchase. It also waives this requirement for active duty military personnel who move due to a military order.

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