First Time Tax Credit Not Just For First Time Buyers

* Extends the $8,000 first time Homebuyers Tax Credit and creates
> a new $6,500 tax credit for qualifying "move-up buyers" purchasing a
> home before April 30, 2010.
> * Qualifying "move-up" buyers include homebuyers who already own a
> home that they have used as a principal residence for 5 years or more.
>
> * Homebuyers with binding contracts as of April 30th will also
> qualify for the credit so long as they complete the transaction within
> 60 days.
> * Available to homebuyers with incomes of up to $125,000 for a
> single return or $225,000 for a joint return.
> * Available for homes which cost less than $800,000.
> * Provides authority to the IRS to do greater oversight while
> processing the return and requires that the taxpayer claiming the
> credit be 18 or older.
> * Members of the military, military intelligence, and foreign
> service who are on qualified extended official duty are not subject to
> the recapture fee and individuals who have been deployed overseas for
> 90 days or more in 2008 or 2009 can claim the credit through April 30,
> 2011