New rules apply to extended tax credit

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SALT LAKE CITY -- The IRS has announced new rules with the extension of a popular tax credit for first-time homebuyers.

People who plan to use the $8,000 credit must be at least 18 years old, cannot buy a home for more than $800,000 and cannot have dependents claims the credit.

Potential buyers now have until next April to get a home.

IRS officials say for all qualifying purchases in 2010, taxpayers have the option of claiming the credit on either their 2009 or 2010 tax returns.

To learn how to apply for the homebuyer tax credit, click HERE.

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