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Congrats citizens. The introduction of 2010 homebuyer tax credits has really made all the citizens who have not owned a house for the past three years happy. This has benefitted the first time homebuyers a lot. They can receive a tax credit of up to $8000. Even the other house owners who have lived for 5 consecutive years can avail a tax credit of $6500. All the qualified homebuyers are requested to act faster within the stipulated time, so that they get the maximum benefit out of this tax credit given by the state owners. The binding contract date is April 30, 2010(close by June 30, 2010). There are many websites in the internet which give a proper detail about this new from of tax credit. Certain websites also have videos which are related to this new concept of tax credit. These videos are very explanative and the speeches are given by experts. All the citizens who are eligible to this tax credit must definitely use this opportunity and get benefitted to the maximum. This form of Real Estate Tax Benefit is very useful for the citizens. Even the limits for income tax are announced. It is $125,000 for singles and $225,000 for married couples.