On November 5, 2009, the Senate approved the extension of the $8,000 home buyer tax credit to May 1, 2010 for first-time buyers and to add a $6,500 tax credit for repeat buyers if they’ve lived in their home for five of the past eight years.

You can read about it here.

More information is available from the Internal Revenue Service (IRS}, including a question and answer page.

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