Everybody, homebuyers that is, gets a tax credit now (well almost everybody).
The new legislation includes extending the First-time Buyer Tax Credit of up to $8,000 and raising the qualifying income limits to $125,000 for single taxpayers and $250,000 for joint taxpayers, up from the current $75,000 and $150,000 income limits.
In addition, the legislation offers a new credit of up to $6,500 to qualifying EXISITING HOMEOWNERS who have resided in their homes for 5 out of the last 8 years and are buying a new home.
Agreements of sale will have to be signed by April 30, 2010 and settled by June 30, 2010
Homebuyer tax credit changes: Frequently Asked Questions (pdf)
FIND YOUR PHILLY HOME AND GET YOUR TAX CREDIT
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