Homebuyer Credit. The first-time homebuyer’s tax credit of up to $8,000 has been extended, so eligible taxpayers can now claim the credit as long as they purchase a home or are in contract by April 30 (they have until June 30 to close). For those looking to move up or downsize, existing homeowners may qualify for a new tax credit of up to $6,500 — but they must purchase a new home, or sign a sales contract, between Nov. 7 and April 30.

The credit can be claimed for the year before the purchase. So if you buy a home in 2010, you can still claim the credit on your 2009 return. But if you do not close on the purchase by tax day, you may need to get an extension or file an amended return later.