Extended! The Worker, Homeownership & Business Assistance Act of 2009 has extended the tax credit of up to $8000 for qualified first-time buyers purchasing a principal residence.  The tax credit now applies to sales occurring on or after Jan. 1, 2009 and on or before April 30, 2010.  However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.

For sales occurring after November 8, 2009, the Act establishes income limits of $125,000 for single taxpayers and $225,000 for married couples filing joint returns.  The income limits for sales occurring on or after Jan. 1, 2009 and on or before Nov. 6, 2009 are $75,000 for single taxpayers and $150,000 for married taxpayers filing joint returns.

Courtesy of www.federalhousingtaxcredit.com