The federal tax credit program (extension and expansion) for home buyers was signed into law on Nov. 6, 2009.
The extended and expanded program is available to both first-time buyers AND existing homeowners (who qualify). There are income limits. The tax credit is available for “principal” residences only (vacation homes and rental properties are excluded).
Maximum purchase price is $800,000.
Click on the link below to access the Internal Revenue Service (IRS) most recent memorandum on this subject matter. IRS is currently updating related info, but for now, click below:
http://www.irs.gov/newsroom/article/0,,id=204671,00.html?portlet=7
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