Congress extends & expands Homebuyer Tax Credit.. awaiting Presidential signature

On Wednesday, Nov 4, the U.S. voted 98-0 to pass the expanded Homebuyer Tax Credit and yesterday, the House voted 403-12 in favor of it as well. The extended and expanded bill now goes to President Obama for his signature. Among the bill's provisions, it will:

• extend the $8,000 first time homebuyer tax credit through April 30;
• create an additional $6,500 tax credit for current homeowners who have lived in their property for 5 consecutive years out of the past 8 (they must sell that home too);
• require proper documentation (aka proof) that they purchased a home on their federal tax filings.

For details, check out this summary of the tax credit changes on my Google Docs.

I've also posted a FAQ summarizing homebuyer tax credit changes for those who have further questions.