Virginia Kirvan

Broker/Sales Associate

U.S. Homebuyer Tax Credit Extended, Expanded

 

The tax credit for U.S. homebuyers has been extended, and a new group of buyers has been made eligible.

The credit of up to $8,000 for first-time buyers, originally due to expire Nov. 30, has been extended into 2010. This is money that never has to be repaid, provided you live in the home for three years.

Homebuyers who owned and lived in their principal residence for five consecutive years of the last eight are eligible for a credit of up to $6,500.

Facts about the Homebuyer Tax Credit: