As anticipated, President Obama signed the 8,000 first-time homebuyer tax credit extension into law on Friday. You can now collect the credit if your home purchase is complete by June 30, 2010. But wait, there’s more! The extension also offers a tax credit for people who are purchasing a new residence, but aren’t first-time homeowners.
The key, of course, is that the newly purchased home needs to be a primary residence—no rental properties or vacation homes, thank you. Current homeowners within the income guidelines can receive a $6,500 credit after purchasing a new home—new homeowners will still receive $8,000.
Expanded First-Time Home Buyer Tax Credit Becomes Law [U.S. News & World Report]