Good news! The popular homebuyers' tax credit has been extended, and more potential buyers will qualify for it.

First, the credit that was supposed to expire in November is now available for binding sales contracts signed by April 30; the sales must close by June 30. This credit is for first-time buyers - those who have not owned a home in the last three years; they can claim a credit for up to 10 percent of the value of the house, up to $8,000. Homes over $800,000 don't qualify.

Now even current home owners, those who have owned a home for five consecutive years out of the last eight, can get a credit of up to $6,500 if they buy between last November 9 and before May 1 of this year. In both cases, this must be a principal residence.

Income eligibility is higher for the new credit. It begins to phase out at $125,000 for singles, disappearing at $145,000. For couples, the phaseout starts at $225,000 and goes to $245,000.

Will you qualify for this tax break? Check it out with the knowhow people at G M Hietpas CPA, LLC.