Summary: $8,000 tax credit extension and expansion details. Here are the details of the amendment to the extension of $8,000 first-time home buyer tax credit.

$8,000 Tax Credit Extension and Expansion Details

Here's what you need to know about the extension and expansion of the $8,000 tax credit

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 will expire by sunset on April 30, 2010. However, there would a binding contract rule that will permit those with executed 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.