Haven’t paid any attention or read my newsletters or blogs about the home buyer tax credit that has been extended. From my understanding, this will be the last extension.

Both the House and the Senate have passed legislation to extend the $8,000 home buyer tax credit to May 1, 2010, for first-time buyers and add a $6,500 tax credit for repeat buyers who have lived in their home for five of the previous eight years. Income limits are expanded to $125,000 for individuals and $225,000 for joint filers. Households who have binding contracts in place by April 30 will be allowed an additional 60 days to complete their transaction. The legislation places an $800,000 cap on the home sale price. The legislation was included in a broader bill to extend unemployment benefits. Compare the existing credit to the newly passed version in this chart.

View Chart: Home Buyer Tax Credit Chart