In Dallas, Texas, we are most definitely in a buyer's market, and the time couldn't be bettter for those wishing to take advantage of the extended and expanded home buyer tax credit.  According to RISMedia, "First-time home buyers" who purchase homes between November 7, 2009 and April 30, 2010 are eligible for the credit. The maximinum eligible amount is $8,000 or 10% of the sales price, whichever is less.Under the extended home buyer tax credit, single buyers with incomes up to $125,000 and married couples with incomes up to $225,000 may receive the maximim credit.

For current homeowners purchasing a home during the same time frame, they are also eligible for a tax credit, so long as the home being sold or vacated was their principle residence for five consecutive years within the last eight. They must have been in the same home for five consecutive years. Another key point is that the existing home does not need to be sold. One must, however, occupy the new home as a principal residence for three consective years or risk recapture of the credit.

Regardless of whether you are a first time home buyer or a current homeowner wishing to maximize your potential tax credit, it is highly recommended that you consult with your tax advisor to ensure eligibility for the credit and the proper way to claim the credit.