The Senate has decided to extend the first time home buyer $8,000 tax credit. To be eligible, buyers must be under contract by April 1, 2010 and close by July 1, 2010. They are also going to be offering a $6,500 tax credit for homeowners who have lived in their homes for a consecutive 5 year period in the past 8 years. Also there has been reports of abuse of the tax credit and the IRS is getting more involved in the process.
