The president has signed an extension of the first-time home buyer tax credit of up to $8000. Probably the last extension of this assistance, to take advantage of this tax deal, you must have the contract in place before May 1, 2010, with a closed deal before July 1, 2010.
The extension includes a new benefit of up to $6,500 for ‘old’ home buyers, who have resided in their home for 5 years.
Should your tax bill be lower than the amount if the credit you will receive a check from th IRS for the balance.
A recent Wall Street Journal Online article details the benefits and answers the most common questions in a Q&A segment.
The National Association of Home Builders sponsors a site dedicated to The Federal Housing Tax Credit