Syracuse (WSYR-TV) - Under current law the $8,000 first-time homebuyers credit would expire at the end of this month. However, President Obama will sign legislation Friday that will not just extend the credit but enhance it as well.
Under the new legislation, first-time buyers will get the $8,000 tax credit for purchases between now and April 2010. Also, if you are not a first time homebuyer and you currently live in a home, you might be eligible to get $6,500 in tax credit. In order to get that, you have to live in your house for at least 5 years and your income has to be $125,000 or less for individuals or $250,000 or less if married and filing jointly.
