Homebuyers Credit extended and AGI increased

On November 9, President Obama signed the Worker, Homeownership, and Business Act of 2009. That Act extended the first-time homebuyer credit for purchases signed before May 1, 2010 and closed before July 1, 2010. The new law also makes these changes:

• It limits the credit to homes costing $800,000 or less.
• It raises the income level to qualify for the credit ($125,000 for individual filers and $225,000 for joint filers).

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