For those of you keeping score on the first time home buyer tax credit extension, here is the latest:

— The tax credit would be $8,000 for first-time home buyers and $6,500 for move-up buyers (from December 1, 2009 to April 30, 2010).

— Move-up buyers will be eligible, so long as the home they are leaving has been used as their principal residence for 5 years or more. 

— The tax credit would sunset on April 30, 2010. However, there would a binding contract rule that will permit those with contracts as of April 30th to qualify for the credit so long as they complete the transaction within 60 days.

— The income limits for both first-time home buyers and move-up buyers would be $125,000 for single return and $225,000 joint return.

— Cost of the home may not exceed $800,000 to be eligible.

— For purchases made in 2010, taxpayers would be able to claim the credit on their 2009 income tax return.

— Home buyers would not have to repay the credit, provided the home remains their principal residence for 36 months after the purchase date.

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