Legislation extending the $8,000 homebuyer tax credit was passed by the House of Representatives on November 6, 2009. The legislation is expected to be signed by President Obama shortly. The legislation also would extend the $8,000 homebuyer tax credit to contracts signed by April 30 and closed by June 30.

 

 

The bill would raise the adjusted gross income cap to $125,000 for single filers and $225,000 for joint filers. The amount of the credit currently begins to phase out for taxpayers whose adjusted gross income is more than $75,000, or $150,000 for joint filers.

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